Your 70s+ Financial Planning Checklist

Action Steps:

• Calculate RMD: Account balance ÷ IRS life expectancy factor
• Take by December 31 each year (first year can delay until April 1)
• Use Qualified Charitable Distributions (QCD) to satisfy RMD tax-free
• Donate up to $100K/year directly from IRA to charity

Action Steps:

• Gift $18K/year per person tax-free ($36K for married couples)
• Pay grandchildren's college tuition directly (unlimited tax-free)
• Fund 529 plans with front-loaded 5-year contributions
• Consider irrevocable life insurance trusts (ILIT) for estate tax reduction

Action Steps:

• Review Medicare plans annually during Open Enrollment (Oct 15-Dec 7)
• Budget $5K-$7K/year for Medicare premiums and out-of-pocket costs
• Maintain Medigap or Medicare Advantage for supplemental coverage
• Plan for potential assisted living ($4K-$8K/month) or nursing home care

Action Steps:

• Target 30-40% stocks, 60-70% bonds/cash in 70s
• Keep 3-5 years expenses in cash/short-term bonds for stability
• Maintain dividend-paying stocks for reliable income stream
• Avoid high-risk investments—focus on capital preservation

Action Steps:

• Use QCDs from IRA to satisfy RMDs tax-free (up to $100K/year)
• Establish donor-advised funds for strategic giving
• Create charitable remainder trusts (CRT) for lifetime income + legacy
• Name charities as IRA beneficiaries (avoid income tax for heirs)

Action Steps:

• Update living will and healthcare power of attorney
• Document end-of-life preferences (resuscitation, life support, hospice)
• Pre-plan funeral/memorial arrangements to reduce family stress
• Share location of important documents with family/executor

Action Steps:

• Consolidate multiple retirement accounts into fewer institutions
• Create master document listing all accounts, passwords, and contacts
• Name trusted family member or friend as account co-owner/POA if needed
• Review beneficiaries annually—ensure they're current and correct

Action Steps:

• Spend on experiences with family—create lasting memories
• Share life stories and wisdom with grandchildren
• Travel, pursue hobbies, support causes you care about
• Remember: You can't take it with you—enjoy what you've earned!