Planning ahead is essential for a comfortable retirement. Use this checklist to make sure you’re on the right track to enjoy your golden years.
1. Review Your Boeing Retirement Benefits
Boeing offers a range of retirement plans and benefits to help you prepare for your future. Before you retire from Boeing, make sure you understand the benefits that will affect your retirement income and finances.
Boeing 401(k): Review your account balance, contribution elections, investments, and beneficiary designations. Many employees leave their 401(k) on autopilot for long stages of their careers. The years leading up to retirement are a good time to take a closer look at your options to make sure you’re on track for the future you want.
Pension benefits: If you are covered by a legacy Boeing pension plan, review your estimated benefit, available payment options, and how your retirement date may affect what you receive.
Supplemental Savings Plan (SSP): If you participate in the Boeing SSP, double-check when your distributions will begin and how those payments may affect your taxable income in retirement.
Retiree healthcare benefits: Determine whether you qualify for any Boeing retiree medical benefits and how that coverage will coordinate with Medicare or other health insurance after you leave Boeing.
2. Set Clear Goals for Retirement
Setting clear and achievable retirement goals is essential for a successful retirement plan. Here are some key steps to help you set and evaluate your retirement goals effectively:
Identify your retirement vision: Envision the lifestyle you want to have in retirement. Consider where you want to live, your daily activities, travel plans, and any hobbies or interests you want to pursue. This vision will serve as the foundation for your financial goals.
Calculate your financial needs: Estimate the amount of money you will need to support your desired lifestyle. Consider factors such as living expenses, healthcare costs, travel, and leisure activities. Use a retirement calculator to project your future expenses and determine how much you need to save.
Set specific goals: Set specific and measurable retirement goals. For example, aim to save a certain amount by a specific age or to generate a particular amount of retirement income. Using the SMART (specific, measurable, achievable, relevant, time-bound) framework can help you set realistic goals for yourself.
Evaluate current savings and investments: Determine if you are on track to meet your goals or if adjustments are needed. Review your Boeing 401(k) and any other investment accounts to ensure they align with your retirement objectives.
3. Create a Budget
Having a budget is always wise, especially when you’re preparing for retirement.
Create a budget: Develop a detailed monthly and annual budget that outlines all your anticipated income sources and expenses. This will help you understand how much you need to save and how to make your money last. Include categories for both essential and optional spending.
Adjust your current spending habits: Review your current spending habits and adjust them as needed. The math is simple: to build your retirement savings, you’ll need to spend less than you make. Funnel as much of your income as you can into your retirement funds.
Build an emergency fund: Having an emergency fund is essential to cover unexpected expenses and avoid dipping into your retirement savings. Aim to have at least six months' worth of living expenses set aside in a liquid and easily accessible account.
Review and adjust regularly: Financial planning and budgeting are not one-time tasks. Review your budget regularly to make sure you’re still on track. Adjust your plan as needed to account for changes in your financial situation, market conditions, or personal circumstances.
PRO TIP: Automating your savings process can help you contribute consistently to your retirement accounts. Boeing makes this easy with automatic 401(k) contributions. That way, your contributions are withdrawn from each paycheck every time you get paid.
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4. Pay Off Debt (When You Can)
Paying off as much debt as possible before retirement can significantly improve your financial security. Setting up a plan to eliminate or reduce debt will free up more resources for savings and investments. Here’s how you can do that:
Assess your current debt: Evaluate all your outstanding debts, including mortgages, credit card balances, personal loans, and any other liabilities. Calculate your debt-to-income ratio by dividing your monthly debt payments by your gross monthly income. (A ratio under 15% is considered healthy, while a ratio over 43% may be a challenge.)
Create a repayment plan: Develop a structured plan to pay off your debts before retirement. Set specific goals, such as paying off a certain amount each month or eliminating a particular debt by a specific date. Various budgeting tools can help you monitor your progress and stay on course.
Prioritize high-interest debt: Focus on paying off high-interest debts first, such as credit card balances and personal loans. These debts can accumulate quickly and become unmanageable. Use the avalanche method, which involves paying off debts with the highest interest rates first while making minimum payments on other debts.
Consider debt consolidation: If you have multiple high-interest debts, consider consolidating them into a single loan with a lower interest rate. This can simplify your payments and potentially reduce the total interest paid over time.
Avoid new debt: Be mindful of accumulating new debt as you approach retirement. Avoid using credit cards for unnecessary expenses and focus on living within your means.
5. Maximize Your 401(k) and IRA Contributions
Maximizing your retirement contributions will help you build a substantial nest egg for your retirement years.
Contribute to the maximum limit: For 2026, the maximum contribution limit for 401(k) plans is $24,500 for employees under 50. If possible, invest the full amount to maximize your savings. At the very least, contribute enough to your 401(k) to get the full employer match. Boeing matches employee contributions dollar-for-dollar up to 10% of eligible pay, so contributing less than 10% would mean leaving free money on the table. (This rate is for non-union employees. If you are a union employee, the details will vary based on your union’s bargaining agreement.)
Use catch-up contributions: If you are 50 or older, you can contribute an additional $8,000 to your 401(k), bringing the total amount to $32,500. If you are 60–63, you can make enhanced super catch-up contributions of $11,250, for a total of $35,750. These higher limits will help you ramp up your retirement savings, especially if you got a later start.
Consider the mega backdoor Roth: The Boeing mega backdoor Roth strategy lets you make additional after-tax contributions to your Boeing 401(k), then convert those funds to Roth through an in-plan conversion or a rollover to a Roth IRA. If you are already on track to max out your 401(k) contributions, this can be a great way to boost your tax-advantaged savings even more.
Invest in the Supplemental Savings Plan (SSP): Like the mega backdoor Roth, the Boeing SSP lets eligible high-earning employees invest beyond the standard limits of the 401(k) plan. Contributions and earnings grow tax-deferred over time, helping to boost your overall retirement savings.
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6. Have a Plan for Healthcare (and Social Security)
Healthcare is often one of the largest expenses in retirement. Having a plan for your insurance options should always be a priority, along with deciding your Social Security benefits strategy.
Cover any gap to Medicare: If you plan to retire before age 65, you’ll have to find an alternative for insurance until you’re eligible for Medicare. Your main options are COBRA (up to 18 months of extended coverage through Boeing, though it will be more expensive than it was while working), joining a spouse’s employer coverage, and signing up for private insurance through the ACA Marketplace. Compare your options before you retire to decide what strategy is best for you.
Mark your Medicare enrollment date: Your Initial Enrollment Period generally begins three months before the month you turn 65. Missing the appropriate enrollment window can lead to delayed coverage and late-enrollment penalties, so double-check to make sure you’ll be covered in time.
Plan your Social Security benefits: You are technically eligible for Social Security payments at age 62. However, taking payouts before full retirement age can permanently reduce your benefits, while delaying to age 70 can increase them. If you can afford to hold off on Social Security a little longer, it may boost your income in the long run.
7. Plan Your Taxes
Effective tax planning is crucial to maximizing your income and preserving your wealth. Here are some factors to keep in mind:
Understand tax brackets and rates: Keep an eye on the current federal tax brackets. Planning your withdrawals and income distributions to stay within lower tax brackets can help minimize your tax bill.
Consider Roth conversions: Transferring funds from a traditional IRA or 401(k) to a Roth IRA can be beneficial if you expect your future tax rate to be higher. Roth IRAs grow tax-free, and qualified withdrawals are also tax-free, which can provide significant tax savings over time.
Remember required minimum distributions (RMDs): Once you reach age 73, you will have to start taking RMDs from traditional IRAs and 401(k)s. Failure to take the required amount can result in substantial penalties.
Optimize Social Security benefits: Depending on your total income, up to 85% of your Social Security benefits may be taxable. Plan your other retirement income sources to manage your overall tax liability.
Open a health savings account (HSA): Contributions to HSAs are tax-deductible, and withdrawals for qualified medical expenses are also tax-free. The 2026 contribution limits are $4,400 for individual coverage and $8,750 for family coverage, with an additional $1,000 catch-up contribution for those 55 and older. Once you turn 65, you can make withdrawals from an HSA for non-medical expenses, though non-medical withdrawals are subject to ordinary income tax.
Make charitable contributions: If you're 70½ or older, you can donate up to $111,000 in 2026 directly from your IRA to a qualified charity. This can satisfy your RMD requirements and reduce your taxable income while allowing you to do some real good in the world.
A fiduciary financial advisor can help you optimize your taxes to ensure you keep as much of your savings as possible.
8. Start Your Estate Planning
Estate planning ensures your assets will be distributed according to your wishes after your passing. This is an important step in retirement planning, regardless of your age.
Designate beneficiaries: Ensure your retirement accounts, life insurance policies, and other financial accounts have up-to-date beneficiary designations. These designations take precedence over the instructions in your will, so it’s crucial that they reflect your current wishes.
Write a will: A will outlines how your assets will be distributed after your death and appoints an executor to manage your estate through the probate process. Make sure to clearly state your wishes to avoid any potential disputes among beneficiaries.
Create a trust: Trusts can provide greater control over your assets and help avoid probate. There are various types of trusts, including revocable (living) trusts, irrevocable trusts, and special needs trusts. Trusts can also offer tax benefits and protect assets from creditors.
Establish power of attorney: A durable power of attorney gives someone the right to manage your financial affairs if you become incapacitated. Choose a trustworthy person (such as a spouse or other family member), as they will have significant control over your finances.
Plan for taxes: Gift taxes and estate taxes can be a factor when leaving an inheritance. Your financial advisor will advise you on how you can leave more to your heirs.
9. Consult a Financial Advisor
A qualified financial advisor can give you reliable guidance backed by years of experience, all tailored to your unique needs and goals. Here are some benefits you can enjoy while working with a financial advisor:
Expertise and experience: Financial advisors bring professional knowledge and experience, helping you navigate complex financial decisions. They can assist with investment strategies, tax planning, estate planning, and retirement income strategies.
Broad expertise: A skilled financial advisor can help with all areas of your financial life, including budgeting, debt management, insurance needs, and long-term care planning.
Advanced tools and resources: Financial advisors use sophisticated planning tools, market research, and investment platforms to provide detailed and accurate analysis.
Personalized advice: Advisors offer customized advice based on your unique financial goals, risk tolerance, and time horizon. This personalized approach ensures that your retirement plan aligns with your specific needs and circumstances.
Ongoing support and adjustments: Financial advisors provide continuous support, monitoring your financial plan and making necessary adjustments as your life circumstances change or as market conditions fluctuate.
In short, your financial advisor will give you the peace of mind and confidence you need to get the most out of your retirement plans.
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