2025 Summer Checklist: Is Your Retirement Plan on Track?

June 3, 2025

Summer’s a strange season for retirement planning.

It’s when people slow down, take vacations, unplug a little. But maybe that’s why it works—less noise, more clarity. It’s a good time to sit with your finances and ask: Am I where I need to be?

Let’s go through a practical summer checklist. Not everything will apply to you. That’s okay. What matters is getting your bearings before the year slips away.

Have You Reviewed Your Retirement Goals This Year?

Sometimes your goals drift without you noticing.

Maybe you thought you’d retire at 60—but now 65 feels smarter. Or perhaps you’ve added travel to your vision, and that’s a major cost shift. Summer’s the perfect checkpoint.

Pull up your last plan.
Ask:

Does this still reflect what I want?
Am I pacing toward it—or just assuming I am?

You don’t need to rewrite everything. Just update what’s changed.

Are You Contributing Enough in 2025?

This one can sneak past people. You set your contributions at the start of the year, and… never look again. But limits change.

In 2025, you can contribute up to $23,000 to your 401(k) if you’re under 50, or $30,500 with catch-up. For IRAs, it’s $7,500 (or $8,500 with catch-up). (IRS contribution limits)

If you haven’t maxed out—or at least increased contributions in line with income—summer is a good reset.

And yes, every dollar still matters.

Is Your Investment Strategy Aligned with Your Retirement Timeline?

This one feels complicated, but let’s simplify.

If you’re:

Under 45: You likely need more growth. Stocks, not too many bonds.
45–60: Mix of growth and protection. Adjust gradually.
60+: Focus on income and risk control.

But it depends.
A side business might give you flexibility to stay aggressive. Or not.

If it’s been more than a year since your portfolio was reviewed, bring in a financial planner or tax advisor who can tie it to your income plan.

Have You Considered a Roth Conversion This Summer?

Summer’s a low-income season for some. If you’re between jobs, consulting, or retired with temporary lower income, a Roth conversion might make sense now.

Move funds from your traditional IRA into a Roth while your tax bracket is favorable.

Even if you don’t convert a large amount, small strategic conversions each year can snowball into big tax savings later.

Plus, summer is when you might have the headspace to actually run the numbers.

Are You On Track for RMDs?

Required minimum distributions (RMDs) kick in at age 73.

If you’re already there—or close—it’s critical to check:

Have you calculated the right withdrawal for 2025?
Are you taking from the most tax-efficient accounts first?
Are you minimizing Medicare surcharges or Social Security taxation?

If you’re younger, knowing how RMDs will impact your future taxes is still worth the planning. You don’t want surprises later. This can be a good topic to bring up with your tax advisor.

Are You Factoring in Inflation and Healthcare Costs?

If your retirement plan is based on 2% inflation, it might already be outdated.

Summer’s a good time to review your assumed cost of living.
Are you:

Accounting for health insurance premiums?
Planning for long-term care?
Leaving room for unexpected travel or family support?

It’s not fun to do—but it’s necessary. Most people underestimate future expenses.

Have You Reviewed Account Fees?

Fees drag your return. Sometimes you’re paying for services you don’t use.

Look at:

Mutual fund expense ratios
Advisory fees
Custodial/platform costs

Even a 1% difference compounds over time. Rebalancing into lower-cost funds—or moving to self-insurance strategies—can add real dollars to your bottom line.

Are You Diversified Across Tax Buckets?

This is where tax planning really kicks in.

Ask yourself:

Do I have tax-deferred (401(k), IRA), tax-free (Roth), and taxable brokerage accounts?
Am I withdrawing strategically?
Am I harvesting gains or losses intentionally?

Market losses aren’t always bad news—they’re sometimes the best planning opportunities.

And if you’re not sure how to diversify your tax exposure, a tax advisor can sketch that out for you.

Have You Updated Your Beneficiaries and Estate Plan?

No, this isn’t thrilling.

But a surprising number of people forget to update beneficiaries after marriage, divorce, or major family changes.

Also:

Is your will current?
Do you have a living trust or healthcare directive?
Are your business interests (if any) structured properly?

Vacation mode is when people notice these gaps—especially if travel triggers “what if” thinking. Use that instinct to your advantage.

Have You Stress-Tested Your Retirement Income Plan?

This means: What happens if the market drops 30% right after you retire?

Will your income plan hold up?

Can your insurance or private risk strategy take some of the pressure off?

Even if it feels overly cautious, knowing your retirement won’t collapse under pressure is worth it.

What Summer Tax Moves Can You Make?

Summer isn’t tax season, but that’s exactly why it’s useful.

Consider:

Adjusting your withholding or quarterly tax payments
Reviewing estimated business income
Evaluating whether business travel deductions apply to any upcoming trips (yes, this happens)

Early moves are usually more effective than year-end panic.

Are You Taking Advantage of Catch-Up Contributions?

If you’re over 50, you can contribute more to retirement accounts—but many people forget or never activate it in their payroll system.

It’s worth checking with your HR or tax pro. The difference between standard and catch-up limits adds thousands of dollars a year to your future savings.

Should You Use a Health Savings Account (HSA)?

If you have a high-deductible health plan, your HSA might be your most powerful retirement tool.

Triple tax benefits:

Pre-tax contributions
Tax-free growth
Tax-free withdrawals for medical expenses

And yes—retirees use this later in life to cover premiums, dental, vision, and long-term care.

It’s a surprisingly underused strategy.

Have You Reviewed Your Withholding or Estimated Payments?

Many people are paying too much—or too little—toward taxes as they go.

If your income has changed this year (more consulting, a 1099 gig, or semi-retirement), you need to recalibrate.

A tax advisor can walk you through it in less than 30 minutes—and probably save you from April headaches.

Do You Know How Your Retirement Income Will Be Taxed?

This one surprises people.

Your:

Social Security may be taxable
RMDs count as income
Capital gains may push you into higher brackets
State taxes vary dramatically (some states hit retirees hard)

You might need to re-time income to reduce the tax hit. Again, this is where a trusted advisor can help.

Are You Timing Capital Gains or Losses?

Let’s say you’ve had a good year in your taxable account.
Or a bad one. Either way, now’s the time to consider locking in gains—or realizing losses to offset them.

This gets complicated when you layer in dividends, mutual fund distributions, and rental property income.

If you’re unsure, tax planning can clean this up now instead of scrambling at year-end.

When Should You Talk to a Tax Advisor?

Right now is ideal.

Summer’s slow. Schedules open. There’s still time to act.
A good advisor can:

Review your full tax picture
Spot tax-saving structures
Help you optimize for 2025 while prepping for 2026 and beyond

And yes—tax advisors are also planners, strategists, and often the ones who catch the blind spots you don’t even know to look for.

FAQ

Q: Can I adjust my 401(k) contributions mid-year?
Yes. Most plans allow changes anytime. Summer’s a good time to bump them up if you’re behind.

Q: Should I always do a Roth conversion in low-income years?
Not always. It depends on your future tax bracket and other income sources. Ask your advisor to run projections.

Q: How can tax advisors actually save me money?
They catch tax inefficiencies, suggest smarter withdrawal strategies, and help align income with your long-term plan.

Q: What if I missed RMDs?
You may owe a penalty, but you can request a waiver. File Form 5329 and explain the error—an advisor can help.

Q: Do I need to worry about estate planning if I’m under 50?
Probably not deeply—but having a basic will, beneficiary review, and healthcare directive is still smart.

Visit contact physiciantaxsolutions.com to schedule a consultation and learn how we can help you take control of your tax strategy today.

This post serves solely for informational purposes and should not be construed as legal, business, or tax advice. Individuals should seek guidance from their attorney, business advisor, or tax advisor regarding the matters discussed herein. physiciantaxsolutions.com assumes no responsibility for actions taken based on the information provided in this post.