Between rising costs and longer lifespans, saving money in the bank is no longer enough for a comfortable retirement. Retiring today requires more thoughtful and advanced planning that coordinates several moving parts. You must consider how taxes, healthcare, Social Security, and more fit together when crafting your plan.

The following retirement planning checklist includes five essentials you shouldn’t retire without. No matter where you are on your retirement journey, use this list to track your progress. You may find that you’ve already checked off several items and are well on your way to a financially secure future.

1. A Retirement Income Plan

Income is everything in retirement: where you generate it, how much you generate, and how much you keep from taxes. As you create your income plan, you must determine how much money your ideal lifestyle will require. From there, you can evaluate how long your money will last and what rate of return you need to meet your goals. As your financial or personal circumstances change, you can adjust your strategy along the way.

2. A Healthcare Plan

From Medicare premiums to nursing home care, healthcare costs can pose a significant financial risk to your retirement.

According to Fidelity’s recent annual Retiree Health Care Cost Estimate, a 65-year-old retiring in 2026 can expect to spend an average of $185,500 on healthcare and medical expenses throughout retirement. This estimate assumes the individual is enrolled in Original Medicare (Parts A and B) and Medicare Part D. What it does not include are potential long-term care expenses. These services can cost upward of hundreds of thousands of dollars per year in the Northeast.

The reality is a majority of retirees will eventually require some form of long-term care, according to the Department of Health and Human Services (HHS). Generally, Medicare and private health insurance don’t offer coverage for long-term care. Yet, the Life Insurance Marketing Research Association estimates that only 3% of Americans over age 50 have any long-term care insurance.

Not to say that insurance is the answer to covering potential long-term care needs, but it’s worth considering. Other options include earmarking a portion of funds for the risk or using estate planning strategies for asset protection.

3. A Social Security Claiming Strategy

When and how you file for Social Security benefits can have a lasting impact on your retirement income. You can begin Social Security retirement benefits as early as age 62 for a reduced monthly amount. To receive your full benefit, you must wait until your full retirement age (FRA), which lies between 66 and 67. The final milestone age is 70 when you can collect the maximum payout.

Since this decision is not one-size-fits-all, your specific Social Security timing will depend on a few key factors. If you collect before FRA while still working, the annual earnings limit may apply, which is $24,480 in 2026. For every $2 you earn above this limit, the Social Security Administration will deduct $1 from your benefit payments.

Other factors to consider when developing your claiming strategy are your health, family longevity, marital status, and other sources of income. You may not need to take your benefit early if you are in good health, expect to live a long time, and have enough income.

On the other hand, if you’re in need of additional income or are in poor health, taking the benefit earlier may be beneficial. Either way, make sure to consult a financial professional before making this critical and often permanent retirement decision.

4. A Tax-Efficient Income Strategy

While many investors focus on rate of return, they often overlook the significant impact of taxes. In retirement, you may have more control over your tax situation than you realize. With less earned income, you generally have greater flexibility. You get to decide which accounts to draw from and how much to withdraw each year based on the tax treatment of your money.

Tax-efficient withdrawal strategies can help you better manage your tax bracket and potentially reduce your overall tax obligation. The result is often more after-tax dollars available to spend on the things that matter to you in retirement. That may also mean more to pass on to children and grandchildren as an inheritance.

Another strategy to consider is performing strategic Roth conversions to generate tax-free income. Roth conversions can give you greater control over your taxable income in retirement. They can also help reduce your future required minimum distribution (RMD) tax burden.

5. An Estate Plan

In the years leading up to retirement, it’s also important to create or review your estate plan. Make sure your will, beneficiary designations, and other estate planning documents are up to date. This helps ensure the parties at hand honor your assets, values, and preferences according to your wishes. Estate planning may also help you avoid unnecessary legal fees or complications.

When reviewing your beneficiaries, check the designations on all your retirement accounts and any life insurance policies or annuities. Make sure to appoint a trusted person as your power of attorney. This “agent” will be able to make financial decisions on your behalf if you become unable to do so.

Similarly, having a healthcare directive is important for outlining your wishes for end-of-life care. This document also allows you to appoint someone you trust to make medical decisions on your behalf.