7 5-Minute Tasks To Do Now That Will Make Your Retirement a Success
Written by
Kerra Bolton
Edited by
Amber Barkley
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Five minutes could make a difference in the quality of your retirement.
Whether it’s adjusting retirement contributions, automating savings or checking basic documents, small steps could help you build momentum toward financial security.
Here are seven five-minute tasks to do now that will make your retirement a success.
Review Spending
A fast spending check can reveal if retirement goals are on track. Experts suggested comparing current expenses to expected retirement income to spot any major gaps early.
“If someone is close to retirement, one of the best things they can do today is review their spending,” said Shane O’Hara, principal, executive vice president and CCO with ProVise Management Group.
O’Hara explained, “The most significant determinant of a successful retirement is creating a cash flow plan and ensuring your spending matches or is lower than your expected retirement income and sustainable withdrawal amount from your portfolio.”
This can be a very quick task if you already have a budget planned out, but if you’re not already tracking your income and expenses, you might want to dedicate a little more time.
Automate Savings and Contributions
Building an emergency fund in a high-yield savings account protects retirement investments from early withdrawals. Setting up automatic transfers is a fast way to ensure consistent savings.
“Simple tools help you to keep up with life,” said Melanie Musson, a retirement finance expert with InsuranceProviders.com. “Life gets more expensive every year, but you typically make more money every year. Automatic increased contributions ensure that your retirement savings keep up with the ever-increasing cost of living.”
Switch Your 401(k) Contribution to a Percentage
Setting 401(k) contributions as a percentage of salary instead of a flat dollar amount only takes a few minutes but can make a big difference over time. Experts said this quick change helps savings automatically rise with future pay increases, boosting retirement wealth without extra effort.
“We typically tell people just starting to save to take full advantage of a 401(k) match at work if they have one, by contributing a percentage — not a dollar amount — to their plan,” O’Hara said. “Then, we encourage them to increase that percentage every year, if they have room in their budget, to get close to IRS maximums.”
Saving a percentage, he added, helps people avoid lifestyle inflation — spending their raises instead of saving proportionally.
Use the 4% Rule
A quick retirement estimate can provide valuable clarity. By applying the 4% rule, individuals can multiply their desired annual retirement income by 25 to get a rough savings target.
However, retirees should make sure it’s the right tool for them. According to the Gudolf Law Group, “The 4% rule has four major issues: inflexible withdrawals, sequence of returns risk, over-conservatism and fixed retirement length assumptions.”
Bump Up Your IRA Contributions
Many savers forget to adjust their IRA contributions when annual limits rise. A quick check and a small monthly increase can maximize savings and avoid leaving tax-advantaged space unused.
“People forget to increase retirement contributions,” Musson said. “Tax-advantaged contributions to retirement accounts are limited, but the limits increase. If you started at the max, you could be contributing thousands of dollars less than you could be if you don’t increase your contributions to always reach the max.”
Musson added, “You can fix this problem by looking up the maximum contribution for an IRA and bumping your monthly contributions up so that you’ll reach that maximum by the end of the year.”
For 2025, the maximum IRA contribution is $7,000, with an additional catch-up contribution of $1,000 allowed for those aged 50 and older.
Review Estate Documents
Reviewing beneficiary designations and key estate documents takes just a few minutes but can prevent major problems later.
“Not checking your beneficiary designations and getting estate documents in order, such as wills, durable power of attorneys, healthcare directives, etc., are two common, relatively simple but often neglected tasks,” O’Hara said.
Stick to Your Plan and Avoid Market Panic
Sometimes, the best action is no action at all. Experts said that sticking to a long-term investment plan and resisting the urge to time the market often leads to better retirement outcomes than constantly tweaking investments.
“Finally, don’t underestimate the value of doing nothing,” said Jonathan Bailey, partner and financial advisor with WealthCrossing. “Sticking to your plan and resisting the urge to time the market usually pays off more than constant tinkering.”
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Sources
- Shane O’Hara, ProVise Management Group
- Melanie Musson, InsuranceProviders.com
- Gudorf Law Group, “Why You Shouldn’t Use the 4% Rule In Retirement (And a Better Strategy).”
- Jonathan Bailey, WealthCrossing
