Your 2025 Retirement Checklist
Your 2025 Retirement Checklist
If you realize, "Wow, I'll be 60 this year", you'll also realize that retirement is no longer a far-off place you have yet to reach. You'll likely be retiring sometime in the next decade. But, if you're lucky enough to think 2025 could be your year, here's a retirement checklist to help you take the plunge and hang up your work hat for good.
Figure Out How Much You Have Right Now
If you've been saving diligently for 2025's retirement year, you'll likely have your money stored away in various IRAs, Roth IRAs, 401(K), and/or investments. Work out how much money you have (or will have) when you retire.
Work Out How Much Social Security You'll Be Receiving
If you've been paying diligently into your Social Security every year since you began working, you'll likely receive about $1,925 monthly (the average amount Americans receive from Social Security). Sign up for or sign into your Social Security Administration Account to figure out how much that payment will be monthly.
Work Out A Retirement Budget
Now that you have all of those figures, it's time to work out what your retirement budget will look like. If you've been budgeting all your life, this won't look different from a traditional monthly budget.
The figures will reflect your retirement income.
Speak To Your Company About Pension Benefits
If your company has been topping up a pension account for you, either with a pension plan or an employer-matched savings account, speak to them about claiming those benefits upon retirement.
You'll need to contact the company's HR department to do this.
