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15 Free Retirement Planning Checklists [New for 2023]

Better plan for retirement and avoid costly mistakes with these handy guides, checklists, and workflows.

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Download and Start Using Checklists For All Aspects of Retirement Including:

Does an annuity fit within my financial plan?​

If I retire early, should I buy health insurance through the health insurance marketplace?

What issues should I consider when reviewing my investments? 

Will I avoid medicare enrollment penalties?

Should I take a pension as a lump sum??

What issues should I consider before I retire? 

Will my social security benefits be reduced?

What issues should I consider regarding my restricted stock units?

What are the most important tax numbers to know for this year?

cash flow in retirement checklist

Retirement is essential - but how do you prepare?

Let's face it: preparing for retirement can be daunting. Making your money last 25 years or more can be incredibly stressful, especially when you've never done it before .

Strong pensions are becoming harder to find at U.S. employers. But, even if you have a pension, the rising costs of healthcare makes it imperative that you understand all of the considerations necessary for a comfortable retirement. 


To get you past the oh-so-common feeling of pre-retirement anxiety, we've put together an entire library of checklists we use with clients every day. 

With these retirement planning checklists, you'll get a head start on maintaining financial security in retirement, maximizing social security, and understanding key tax planning insights to help you reduce taxes in retirement.


Make preparation for retirement easier! 

    Yes. We understand that establishing a relationship with an advisor you can trust takes time. That's why we provide a service guarantee whereby we will refund 100% of the fees you paid within the first six months if you are unhappy with our services for any reason. As is the case with any financial advisor, we do not guarantee returns or future performance.
    At Covenant Wealth Advisors, we believe in transparency when it comes to our fees. We want to ensure that you fully understand our pricing structure and the value we provide to our clients. Wealth Management Financial Planning + Investment Management + Relationship For wealth management, our fee is calculated as a percentage of the value of a client’s account(s) per year.* For portfolios managed over $1 million in combined assets, we use a standardized scale to generate this percentage fee, which ranges from 0.40% to 1.00%. Fees will not exceed 1.25% for accounts managed less than $1 million. Financial Planning For clients who just want a financial plan without investment management, we typically charge a fixed fee between $3,500 for individuals to $5,900 for couples. But, fees may differ depending upon your situation. For clients who require an updated plan after an initial plan has been completed, we typically charge an hourly fee of $250/hour or a new planning fee in full depending upon the amount of work required. We understand that fees are an important consideration when choosing a financial advisor. We want you to know that our fees are fair and transparent, and we work hard to ensure that you receive the value you deserve. If you have any questions about our fees or would like to discuss your financial situation in more detail, please don't hesitate to contact us. *Investment Management Fees are payable quarterly, in advance of the quarter, and deducted automatically from the portfolio.
    A Registered Investment Advisor (RIA) is a financial professional or firm that provides investment advice and manages assets for clients in exchange for a fee. RIAs are regulated by the Securities and Exchange Commission (SEC) or state securities authorities, and, unlike brokers, must act as fiduciaries. This means they are legally required to act in their clients' best interests.
    A Certified Financial Planner™ (CFP®) is a professional designation that requires individuals to complete rigorous coursework, pass an exam, and have at least three years of financial planning experience. CFP®s must also adhere to a code of ethics and ongoing continuing education requirements. A financial advisor, on the other hand, is a broader term that refers to anyone who provides financial advice to clients. While some financial advisors may have earned the CFP® designation, not all do, and there are no standardized qualifications or requirements for using the title. In summary, a CFP® is a specific type of financial advisor who has met certain education, experience, and ethical standards, while a financial advisor is a more general term that can encompass a range of professionals with varying levels of expertise and qualifications. Covenant Wealth Advisors has two CFP®s on staff.
    We do not sell products or receive any commissions from product companies or third parties. As a fee-only advisor, we earn a fixed percentage fee on the assets that we manage or a fixed fee for developing a financial plan for a client. Clients pay us directly for the services we provide. We believe that working with a fee-only advisor who does not receive commissions better aligns our interests with yours and helps to reduce your total costs because we are seeking products that can do the best job at the lowest cost.
    A fee-only financial advisor is a financial professional who only charges clients for the advice and services they provide. These advisors do not earn commissions or any other type of compensation from the sale of financial products, such as investments or insurance. As a result, fee-only advisors are often seen as having fewer conflicts of interest, as they are not incentivized to recommend particular products to clients. Fee-only financial advisors may charge clients in a few different ways, such as a percentage of assets under management, a flat fee for a specific service, or an hourly rate. Regardless of the fee structure, the key characteristic of a fee-only advisor is that they do not receive any compensation from financial products they recommend or sell to their clients. The National Association of Personal Financial Advisors (NAPFA) is the most recognized professional association for fee-only financial planners. NAPFA financial advisors are frequently quoted by the financial media due to their perceived competence and form of compensation, which reduces conflicts of interest.
    A fiduciary financial advisor is a financial professional who is legally and ethically obligated to act in the best interest of their clients. As fiduciaries, these advisors must put their clients' interests above their own and disclose any potential conflicts of interest. Fiduciary financial advisors are held to a higher standard of care than non-fiduciary advisors, such as broker-dealers, who are only required to recommend "suitable" investments to their clients. In contrast, fiduciaries must act in their clients' best interest at all times, and must disclose any potential conflicts of interest, such as compensation they receive from recommending certain investments or products. Fiduciary financial advisors may be registered investment advisors (RIAs), who are regulated by the Securities and Exchange Commission (SEC) or state securities authorities, or they may be certified financial planners (CFPs) who have agreed to adhere to a code of ethics and standards set by the Certified Financial Planner Board of Standards.
    No. At Covenant Wealth Advisors, you can trust that all of our advisors have a spotless record in terms of discipline and litigation. For your security and peace-of-mind, we recommend checking the SEC's Investment Adviser Public Disclosure Database for every individual advisor's profile as well as any other adviser or firms with whom you are considering doing business. Your financial future is too important not to take this step. You can find a link to the SEC's Investment Adviser Public Disclosure for each of our advisors below: Mark Fonville Katherine Fonville W. Scott Hurt Broderick Mullins Megan Waters
    Our typical client is someone age 50 plus with $1 million or more of liquid investment assets (excluding real estate). In addition, you are likely a good fit if: You want a personalized plan to help you transition to retirement and not just investment management. You want to know your spouse will be in not just good, but great hands You value having a "certainty of outcome" over simply "beating the market"
    At Covenant Wealth Advisors, clients work with a team of advisors with the credentials and experience you deserve. Your team will include a Certified Financial Planner™, a CPA, and an investment expert. We work together as a team to provide you trusted, consistent advice and guidance. We're passionate about what we do. We're good at what we do. Mark Fonville: CEO and Senior Financial Advisor CERTIFIED FINANCIAL PLANNER™ (CFP®) BS in Finance from Virginia Tech 20 years of financial experience Has advised over 1,000 individuals on financial matters Has trained over 3,000 financial advisors on investment strategy Specializes in investment management, retirement income planning and financial planning Scott Hurt: Senior Financial Advisor CERTIFIED FINANCIAL PLANNER™ (CFP®) Certified Public Accountant (CPA) BS in Finance from the University of Florida and a Post-Baccalaureate Certificate in Accounting from VCU 17+ years of financial experience Has advised over 300 individuals on financial matters Specializes in tax planning and financial planning Megan Waters: Financial Advisor Accredited Asset Management Specialist and Chartered Mutual Fund Counselor. Currently Studying for CERTIFIED FINANCIAL PLANNER™ designation Graduated from the Honors College at the College of Charleston with a BS in Economics and Minor in Environmental Studies. Over 14 Years of Experience Specializes in investment management and financial planning Katherine Fonville: Original founder of Covenant Wealth Advisors 15+ years of financial experience BA in Marketing from James Madison University Broderick Mullins: Senior Financial Advisor MBA 14+ years of financial experience Specializes in investment management
    Yes. Our clients benefit most from our expertise when managed investments (your combined accounts under management) total more than $1 million dollars. We are dedicated to ensuring their success through tailor-made solutions and services that best meet their goals, needs, and circumstances.
    Our clients’ funds are typically custodied with either Charles Schwab or Fidelity as independent custodians. For many clients, this provides reassurance and a system of checks and balances, as their money is not physically held by the same company who advises on how to invest it. Clients have priority access at any time as well verbal approval authorization required prior to money transfers; written approval must also be granted when transferring funds externally. Our advisors are able to quickly adjust investments if needed, but will always consult our clients on such changes that impact previously discussed financial plans/strategies before executing them.
    Our advanced suite of technology platforms enable us to provide quality advice and service for clients located far away or unable to meet in person. Video calls, virtual meetings, intuitive planning tools and intelligent account opening processes ensure that our client experience is efficient yet seamless - no matter the distance! Currently (as of 2/14/2023) we have clients located in 22 states.
    Establishing a strong and ongoing relationship with our financial advisors is essential for success. We recommend scheduling two to three meetings at the outset—the first being an informational gathering about your finances and family priorities, followed by more focused conversations around specific planning or investing strategies. We build on this foundation by creating a recurrent meeting rhythm that meets each household's individual needs, while feeling confident knowing we are available all year long should any questions or concerns arise over the course of your journey. Typically, we proactively reach out to clients every three months to schedule a financial review/update.
    At Covenant Wealth Advisors, we strive to provide our clients with access to the highest-quality technological tools and services. We understand that tracking financial progress requires more than just a traditional brokerage statement; this is why we invest in leading performance and reporting platforms like Tamarac. Tamarac offers clear visuals on both high level data as well as detailed metrics of investments through desktop or mobile devices at any time--simplifying how you monitor your finances! Additionally, customized static reports are sent quarterly so that all analysis includes fees for an accurate representation. Our comprehensive investment model also incorporates Money Guide and Holistiplan: a trusted tools used by some of the industry's most esteemed professionals which can help ensure plans stay adaptable over time while weighing potential planning and tax decisions against future scenarios.

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Disclosures: Covenant Wealth Advisors is a fully independent, fee-only wealth management firm and registered investment advisor located in Richmond and Williamsburg, VA. We are a fiduciary. This means we must always put client interests ahead of our own. We are also a fee-only firm. This means we never receive commissions or third party payments and are only compensated by our clients for advice.


Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.The views and opinions expressed in this content as of the date of the posting, are subject to change based on market and other conditions. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax or legal advice. If you would like accounting, tax or legal advice, you should consult with your own accountants, or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place.


Copyright © 2020 Covenant Wealth Advisors, All rights reserved. Investment advisory and financial planning services provided by Covenant Wealth Advisors, a registered investment advisor. 

© Copyright 2019. Covenant Wealth Advisors, Inc. All rights reserved. Covenant Wealth Advisors is a Registerd Investment Advisor located in Richmond, VA and Williamsburg, VA. View


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