Review current Financial Planning

The happiest retirees spend at least five hours per year (and usually more) planning for retirement. They’ve figured out the formula, which is unique for every individual, for how much money they need to have saved for retirement. Just remember that figuring out this formula takes planning, so be sure that you dedicate the time required in when you review your 30 minute financial report card so that you too are a happy retiree.

Did You Contribute the Maximum Amount to Your 401(k)?

Certain companies offer a matching 401(k) contribution plan. Basically, this is free money to you. So, if possible, it’s best to contribute the maximum amount to your 401(k). The threshold to qualify for your company’s matching contribution plan may differ from company to company. In that case it’s always best to check with your Human Resources Department to see how much you need to contribute. Try to save at least the amount that your employer will match, otherwise you are leaving money on the table.

Don’t Forget to Take Your Required Minimum Distribution (RMD)

Starting the year that you turn 72 1/2, the IRS requires that you withdraw at least a minimum amount from your retirement account annually. To determine what your minimum distribution is, try using this great calculator from Bankrate.

Use the Money in Your Flexible Spending Account (FSA)

A flexible spending account is a special tax-free account in which you can contribute money that will pay for services that your health care coverage doesn’t cover. Be sure to check with your benefits office to find out the deadline for using the money in this account so that it doesn’t go unused.


A lot of the info here on the 30 minute Financial Report Card came from Wes Moss’s blog. Click here to read more.