By Adam Brooks, CFP®
Retirement planning is a lifelong process, not a final stop. If you’re aiming to retire in 2026, having a well-thought-out plan is essential to reach your goal. Our team at ABLE Financial Group has created a 12-step checklist to help you navigate the key actions needed to work toward a financially stable and fulfilling retirement.
With the right strategy, you can make confident decisions and stay on track to meet your goals.
1. Review/Create Your Retirement Plan
Now is the perfect time to either review or create your 2026 retirement plan. Your plan should cover everything from the exact date of your retirement to your retirement activities. Will you and your spouse be retiring together? Do you want to travel the world, volunteer, or work part-time? It’s critical to be deliberate in this first step because your answers inform the rest of the steps on this list.
2. Think About Increasing Your Saving Amounts
If you’re making more money in the year before retirement and you don’t necessarily need it for everyday needs, consider increasing your contributions to a tax-incentivized retirement plan, like a traditional or Roth IRA, 401(k), or 403(b). For taxpayers over age 50, these accounts provide higher contribution limits, and increasing your contributions can help you save more money for retirement while simultaneously lowering your taxable income.
3. Establish a Reasonable Retirement Budget
It’s so important to create a reasonable retirement budget. When you have more free time, it’s easy to overspend without noticing it. And since your income is fixed, one of the smartest things you can do in the months before the big day is to create a realistic budget you can stick to. Spending too much, even for a short period, can shorten the lifespan of your assets by years.
4. Choose Your Withdrawal Timing
A common misconception among retirees is that as long as they have a sizable amount of money saved, it doesn’t matter how or when they withdraw funds from their retirement account(s). That’s simply not true. Developing a tax-efficient withdrawal plan before retirement can help you strategically withdraw from your various retirement accounts and reduce your tax obligation.
5. Decide On Your Social Security Benefit Claim Date
One of the most important decisions you need to make in the year before retirement is when to start receiving Social Security payments. Depending on your age when you retire, you may be eligible for reduced payments at age 62, full payments at age 67, or increased payments at age 70. If you decide to retire but want to postpone your payments until a later date, you need to make plans for a backup source of income in the interim.
6. Consider Your Life Insurance Requirements
Group and supplemental life insurance policies offered by employers work well during your working. But they often expire at retirement, potentially leaving you vulnerable. If you are part of an employer-sponsored life insurance coverage, now is the time to review your existing policies and future life insurance needs to confirm everything is appropriately covered once you retire.
7. Evaluate Your Medicare Choices
You can sign up for Medicare once you turn 65. If there is a gap between when you plan to retire and when you become eligible for Medicare, you need to get alternative coverage through the Health Insurance Marketplace, COBRA, private insurers, employer retiree insurance, or your spouse’s employment.
8. Assess Your Long-Term Care Needs
Without proper planning, long-term care costs can quickly spiral out of control. Now is the perfect time to evaluate your health needs and consider long-term care insurance to supplement out-of-pocket expenses. As hard as it might be to think about your long-term care needs, planning ahead is a smart strategy for safeguarding your savings as you approach retirement.
9. Sign Up for Employer-Sponsored Healthcare Plans
Before you retire, be sure to utilize any healthcare plans provided by your employer. Also, double-check that your physicals, checkups, and medications are up to date, particularly if you’ve already met your annual deductible.
10. Check Your Estate Plan
Take the time to review your estate plan to verify everything is current. You should have basic estate-planning documents such as a will, durable power of attorney, and healthcare power of attorney. Having these documents in place verifies that your preferences are clearly stated in the event of an emergency.
11. Determine How You Will Spend Your Time
Creating structure and routine in retirement is essential for staying active and engaged. Socialization also plays a key role in happiness and health. Consider volunteering, part-time work, joining clubs, traveling, or learning new skills. Start planning now to build connections and ensure a smooth, purpose-driven transition into retirement.
12. Consult a Professional Financial Planning Advisor
Lastly, remember to consult a professional financial advisor as you navigate retirement planning. Even though retirement itself can be a wonderful time, the prior year can often be stressful.
Contact Us Today
The team at ABLE Financial Group is ready to support you every step of the way on your retirement planning journey. With personalized guidance tailored to your unique goals, we help you feel confident about your financial future.
Take the first step to learn more about our team and the ways we can help guide you. Call 480.258.6104 or email [email protected] today.
About Adam
Adam Brooks is Managing Director at ABLE Financial Group, a financial services practice that focuses on transition planning and simplifying the complexities of their clients’ wealth. As a CERTIFIED FINANCIAL PLANNER® practitioner, Adam has been guiding individuals, businesses, and non-profit organizations toward their financial goals since 1993. Co-founding ABLE Financial Group in 2006, Adam oversees the practice, working with business owner clients, primarily focusing on succession planning and mergers and acquisitions (M&As).
Adam obtained degrees in finance and accounting from the University of Arizona and holds the CFP® certification. Adam was recognized as one of Barron’s Top 1,200 Financial Advisors in 2021 and 2022, and was named a 2022 Forbes Best-in-State Wealth Advisor. Outside of his work as a financial advisor, Adam has taught a variety of courses at surrounding community colleges, including Successful Money Management Seminars and Rich Dad’s Cash Flow courses. Adam also previously hosted a radio show called The Truth About Money.
When not serving his clients, Adam actively serves his community in a variety of leadership positions. In 2011, Adam and co-founder Lee began funding the ABLE Financial Group Philanthropic Fund at the Jewish Community Foundation, allowing them to support some of their favorite organizations and causes today and into the future. Adam lives in Scottsdale with his wife, Cindy, their three sons, Jordan, Dylan, and Cameron, and their two dogs, Nelson and Sunny. Adam is active in his children’s lives, an avid cyclist, and enjoys local hikes with his family. To learn more about Adam, connect with him on LinkedIn.
