Retirement Accounts and Income Plans to Review Before December 31

As the end of the year approaches, it is an ideal time to review the accounts and income strategies that support your retirement. While many people wait until the new year to revisit their plans, reviewing key retirement accounts and income plans before December 31 can provide valuable clarity and help you make informed decisions while there is still time to act.

A year end review with a retirement planner allows you to confirm that your strategy remains aligned with your goals, lifestyle, and long term needs as you prepare for the year ahead.

Retirement Income Sources

One of the most important areas to review is where your retirement income is coming from and how reliable those sources are. This includes guaranteed income, scheduled withdrawals, and any additional income streams you rely on throughout the year.

Before December 31, it is helpful to assess whether your income plan is meeting your needs and whether it is structured to last. A retirement planner can help determine if adjustments should be made to improve consistency, reduce stress, or better align income with your spending patterns.

Retirement Accounts and Withdrawals

Your retirement accounts play a central role in your overall strategy. Reviewing account balances, withdrawal amounts, and distribution timing before year end helps ensure that your plan remains intentional and efficient.

Changes in market conditions, expenses, or lifestyle may require adjustments to how much you withdraw and from which accounts. Addressing this before the calendar turns allows your retirement planner to help you evaluate options and avoid unnecessary surprises in the new year.

Required Distributions and Timing

For many retirees, certain withdrawals are tied to annual requirements. Reviewing these requirements before December 31 helps ensure that nothing is missed and that distributions are taken correctly and on time.

A retirement planner can help you confirm that all required actions have been completed and that distributions align with your income needs and overall strategy.

Annuities and Guaranteed Income Plans

If your retirement plan includes annuities or other guaranteed income solutions, year end is an important time to review how they are performing within your overall strategy.

This review focuses on whether income levels remain appropriate, whether options have changed, and how these plans support long term stability. A retirement planner can help determine if adjustments or updates are needed before the year ends.

Healthcare Costs and Income Coordination

Healthcare expenses are one of the most significant ongoing costs in retirement. Reviewing how your income plan supports your Over 65 Healthcare expenses before December 31 helps ensure that rising costs do not disrupt your financial stability.

A retirement planner can help evaluate whether your income strategy adequately accounts for healthcare premiums, out of pocket expenses, and future care needs. Coordinating income and healthcare planning creates a more resilient retirement strategy.

Beneficiaries and Account Alignment

Before year end, it is also important to review beneficiaries on retirement accounts. Life changes such as marriage, the birth of grandchildren, or the loss of a loved one may require updates.

Ensuring that beneficiaries are current helps protect your legacy and prevents confusion for your family. This is a simple but often overlooked step that fits naturally into a year end review.

Why Waiting Until January Can Limit Your Options

Once December 31 passes, many planning opportunities are no longer available. Waiting until the new year may mean missed adjustments, delayed improvements, or added complexity.

Reviewing retirement accounts and income plans before year end allows for proactive planning rather than reactive decisions. It also provides peace of mind knowing that your strategy is prepared for the year ahead.

End the Year With Confidence

Taking time to review your retirement accounts and income plans before December 31 is one of the most effective ways to strengthen your overall strategy. These reviews help ensure that your plan reflects your current needs and positions you for a confident start to the new year.

If you would like to review your retirement income, account structure, or Over 65 Healthcare planning before the year ends, scheduling a meeting with a retirement planner can help you move into the new year with clarity, confidence, and a plan designed to support the retirement you envision.