Guide
Annual retirement plan review.
A retirement plan is not a one-time answer. Review it at least once a year, and whenever income, spending, family, health, or markets change materially.
Start with inputs you can observe: current savings, monthly contributions, debt payments, actual spending, and known large expenses. Then update assumptions that are estimates: inflation, expected return, volatility, retirement age, and Social Security timing.
Look for the direction of change. If spending rose faster than expected, the FIRE number may be higher. If contributions increased, retirement may move closer. If a job change altered healthcare or tax assumptions, the old scenario may no longer describe reality.
Save multiple scenarios instead of overwriting the old one immediately. Comparing last year’s plan to this year’s plan can reveal whether progress is coming from real savings, market returns, or more optimistic assumptions.
Review checklist
- Update balances and monthly contributions.
- Refresh retirement spending categories.
- Check healthcare and insurance assumptions.
- Revisit Social Security timing.
- Test lower-return and higher-inflation cases.
Decision log
Write down what changed and why. A short note helps prevent accidental optimism when the same plan is reviewed again later.
Use the calculator as a checkpoint
Run your current base case, then save a cautious case with lower returns or higher spending. A plan that still works under pressure is more useful than a perfect-looking base case.
Start the annual review