Annual Retirement Plan Maintenance: A 5-Point Wealth Checkup for 2025 

Just like a high-performance vehicle, your retirement plan runs best with regular maintenance. Whether you’re approaching retirement or simply optimizing your wealth strategy, an annual “inspection” helps ensure your portfolio, savings rate, and legacy planning stay on course. 

Use this five-point retirement plan checkup to keep your financial engine running smoothly and positioned for long-term success. 

1. Revisit Your Retirement Goals and Projections 

Even for high-net-worth individuals, lifestyle and market changes can alter retirement needs over time. Review your projected income, spending, and timeline at least once a year. 

• Check your replacement rate: Many experts suggest replacing 70–80% of pre-retirement income to maintain lifestyle, though high-net-worth families may need more depending on travel, healthcare, and legacy goals. 

• Update assumptions: Inflation, healthcare costs, and changing tax rates can significantly shift long-term projections. 

• Use advanced tools: Many custodians now offer integrated financial dashboards and calculators; or work with your advisor to stress-test your retirement projections against multiple economic scenarios. 

Pro Tip: In 2025, the Social Security Administration reported that fewer than 30% of retirees rely solely on Social Security for more than half of their income — reinforcing why personal wealth planning remains essential. 

2. Optimize Contributions and Catch-Up Opportunities 

Contribution limits rise regularly, and staying current helps maximize your tax-advantaged growth potential. 

• 2025 contribution limits: You can contribute up to $23,500 to a 401(k) or similar plan, plus an additional $7,500 catch-up contribution if you’re age 50 or older. 

• Aim to save 15–20% of annual pre-tax income across all accounts. 

• Capture the full employer match: If your company offers one, don’t leave “free money” on the table. 

• Consider after-tax or Roth strategies: Depending on your income and goals, Roth 401(k)s or backdoor Roth IRAs can diversify your future tax exposure. 

3. Rebalance Your Portfolio and Evaluate Risk 

Markets evolve — and so should your investment mix. Over time, strong equity performance may have shifted your allocation, increasing exposure to risk. 

• Check alignment: Compare your current mix to your target allocation. 

• Rebalance strategically: Selling overweight assets and reinvesting in underweighted ones restores your plan’s intended balance. 

• Review risk tolerance: As retirement nears, even high-net-worth investors often shift toward capital preservation and income generation. 

Consider working with your advisor to integrate tax-loss harvesting, alternative investments, or private credit strategies that align with your goals and liquidity needs. 

4. Consolidate and Simplify Your Accounts 

Many affluent investors accumulate multiple retirement accounts over their careers — 401(k)s, IRAs, and pension rollovers. Consolidation can make your plan more efficient and easier to manage. 

• Benefits of consolidation: Streamlined tracking, simplified required minimum distributions (RMDs), and potentially lower fees. 

• How to do it right: Roll funds directly from one qualified account to another to avoid taxable distributions. 

• Strategic consideration: Consolidation also allows for a more coordinated investment and tax strategy across your broader portfolio. 

5. Review and Update Beneficiaries 

Life changes — marriage, divorce, children, grandchildren — can all affect who inherits your wealth. Reviewing beneficiary designations annually ensures your intentions are accurately reflected. 

• Confirm your beneficiaries match your estate plan and trust documents. 

• For married individuals, note that spousal consent is required to name someone other than your spouse as the primary beneficiary on an employer-sponsored plan. 

• Work with your estate attorney and financial advisor to coordinate your beneficiary designations across all accounts. 

Bonus Tip: Schedule a Comprehensive Financial Review 

Your retirement accounts are just one part of your overall wealth picture. Fall or early winter is an ideal time to meet with your advisory team to: 

• Review tax-efficiency strategies before year-end. 

• Align retirement savings with estate and philanthropic goals. 

• Revisit insurance coverage, including long-term care or income protection. 

A coordinated, multi-disciplinary approach — integrating tax, investment, and estate planning — helps ensure your retirement plan supports your broader vision for wealth and legacy. 

Final Thoughts 

Your retirement plan is a living part of your financial strategy — one that deserves attention and adjustment as life evolves. Performing this annual five-point inspection helps keep your wealth working efficiently and your retirement goals within reach. 

If you’d like to review your retirement readiness or explore ways to optimize your portfolio, reach out to our experienced wealth management team today.