Financial Checklist at 70

Maximum Social Security. Qualified Charitable Distributions. A well-earned retirement.

At 70, you're receiving the maximum Social Security benefit — 124-132% of your FRA amount — if you delayed. QCDs (Qualified Charitable Distributions) become available at 70½, allowing tax-free charitable giving directly from your IRA. RMDs are either imminent (at 73) or a few years away (at 75). Your focus now is on enjoying retirement, managing withdrawals, and ensuring your financial affairs are organized for the next phase.

Net Worth Target
Your peak net worth is likely behind you — and that's by design. The goal at 70 is sustainable drawdown, not accumulation. Aim for portfolio longevity to age 95-100.
Retirement Savings
Portfolio should support your spending gap (expenses minus Social Security and any pension) at a sustainable withdrawal rate of 3-4% depending on age and health.
Emergency Fund
2-3 years of expenses in cash/short-term bonds. The sequence risk buffer remains important even at 70 — a market downturn combined with withdrawals can still accelerate portfolio depletion.

Top Priorities at 70

1

Take Social Security if you've been delaying

There is no benefit to delaying Social Security past 70 — delayed retirement credits max out at 70. Start your benefits now if you haven't already.

2

Use Qualified Charitable Distributions (QCDs) strategically

At 70½, you can donate up to $108,000/year (inflation-indexed) directly from your IRA to qualified charities. QCDs satisfy RMD requirements (once RMDs begin), are excluded from AGI, and avoid the limits of itemized charitable deductions. This is the most tax-efficient way to give.

3

Simplify your financial life

Consolidate accounts. Reduce complexity. Make sure your spouse or executor can understand and manage everything with a one-page summary. Complexity compounds risk — the simpler your finances, the better protected you are against cognitive decline, scams, and administrative burden.

4

Prepare for RMDs

RMDs start at 73 (born 1951-1959) or 75 (born 1960+). Calculate your first RMD using the IRS Uniform Lifetime Table. Failure to take RMDs results in a 25% penalty (reduced to 10% if corrected within 2 years). Set up automatic RMD processing with your custodian.

5

Review your withdrawal rate against reality

If you retired at 65 and have been withdrawing 4% for 5 years, check your portfolio health. Is the balance higher than when you retired? You may have room to increase spending. Is it significantly lower? Consider reducing withdrawals or adjusting lifestyle. The 4% rule is a starting point, not a contract.

Action Checklist

Start Social Security benefits if you delayed past FRA (max at 70)
Set up Qualified Charitable Distributions for charitable giving
Consolidate retirement accounts and investment accounts
Set up automatic RMD processing with your custodian (if required)
Review withdrawal rate against actual portfolio performance
Simplify finances — reduce number of accounts, automate everything possible
Update estate plan, will, healthcare directives, and beneficiary designations
Review Medicare coverage annually during open enrollment (Oct 15 - Dec 7)
Create a one-page financial summary for spouse/executor
Review insurance — maintain umbrella, evaluate LTC usage or self-insurance
Plan for housing adaptations (single-floor living, accessibility)
Talk to family about care preferences and end-of-life wishes

Common Mistakes to Avoid

Forgetting to take RMDs — 25% penalty on the amount not withdrawn (or 10% if corrected within 2 years)
Not consolidating accounts — scattered accounts make RMD calculations, beneficiary updates, and portfolio management unnecessarily complex
Giving too much to children/grandchildren too early and running short later — your financial security comes first, then generosity
Failing to review Medicare coverage annually — plans change, drug formularies change, your health needs change; open enrollment matters
Keeping too much in stocks for 'legacy' money — identify which portion of your portfolio is for your retirement and which is for heirs, and invest them differently

Insurance Checklist

Medicare: review Part D drug plan annually during open enrollment (Oct 15 - Dec 7)
Medigap/Medicare Advantage: review annually
Life insurance: should be unnecessary unless for estate liquidity or business succession
LTC: if you have a policy, understand the claims process and qualifying triggers (2 of 6 ADLs or cognitive impairment)
Umbrella: may still be needed — review with your agent based on current assets and liability exposure

Estate Planning

Review will and trust — ensure they reflect current wishes and family circumstances
Update beneficiary designations — retirement accounts, life insurance, bank accounts
Create a comprehensive 'death book' for executor/spouse: all accounts, passwords, contacts, location of original documents
Pre-plan funeral and burial/cremation arrangements to spare your family the burden
Discuss inheritance plans with heirs — surprises and unclear expectations cause family conflict
Consider gifting strategies: annual exclusion gifts, 529 superfunding for grandchildren, direct tuition/medical payments (unlimited, gift-tax-free)

Tax Strategies

QCDs for charitable giving — satisfies RMD, excluded from AGI, no itemization required
Manage income to control IRMAA surcharges on Medicare premiums
If in a low tax bracket, consider tax-gain harvesting or additional Roth conversions
File Form SSA-44 for IRMAA appeal if income has dropped due to retirement or life-changing event
Plan for the surviving spouse's tax situation — filing single pushes them into higher brackets on roughly the same income

Career & Income Growth

Retirement is your new career — manage your time as intentionally as you managed your work
Stay socially and intellectually engaged through volunteering, teaching, or board service
Review your financial plan annually — spending patterns change, and longevity risk is real
Focus on health and relationships — they're the highest-ROI investments after 70

Explore Further

Interactive Tools

Social Security OptimizerRetirement Withdrawal SafetyEstate Tax PlannerMonte Carlo Simulator

In-Depth Guides

Required Minimum DistributionsQualified Charitable DistributionsMedicare Enrollment GuideEstate Planning Checklist

Checklists for Every Age

Financial Checklist at 25Financial Checklist at 30Financial Checklist at 35Financial Checklist at 40Financial Checklist at 45Financial Checklist at 50Financial Checklist at 55Financial Checklist at 60Financial Checklist at 65Financial Checklist at 70

Sources

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