Are You On Track for Retirement? Setting Goals for the New Year

Matthew Allgood |

A new year is the perfect time to take stock not just of your calendar, but of your retirement plan. At Allgood Financial in Nashville, TN, we believe retirement planning is about more than numbers: it’s about helping you “do all good things” for yourself and the people you love. Whether you’re 25 or 65, use this guide to set clear, actionable retirement goals for the new year and see whether you’re truly on track. 

Start with a clear retirement vision 

Before you crunch dollars, paint the picture. What does retirement look like for you? Do you imagine travel, a smaller home in Franklin or East Nashville, or continuing part-time work in a passion project? Your lifestyle expectations drive how much you’ll need. Write down the big-picture vision and translate it into a target retirement age and a monthly income goal: a number you can test against your current savings and projected Social Security benefits. 

Run three simple calculations 

Use three quick checks to get a reality check: 

  1. Projected income gap. Estimate your future monthly expenses in retirement and subtract expected guaranteed sources (Social Security, pensions). The remainder is the income your savings must supply. The Social Security Administration provides tools to estimate benefits and show how claiming age affects your monthly payment.
  2. Savings runway. Multiply the yearly shortfall by 25 (the common 4% rule inverse) to get a rough nest-egg target. That gives a quick ballpark of how much you should have saved.
  3. Contribution adequacy. Compare what you’re saving today (401(k)/403(b), IRAs, taxable accounts) to the annual contribution limits and employer match opportunities. The IRS lists current contribution limits and cost-of-living adjustments that may affect your plan. 

If these three calculations show a large gap, don’t panic. Gaps can be closed with a mix of higher savings, investment adjustments, postponing retirement, or altering your retirement lifestyle. 

Focus on the high-impact moves 

Not every action moves the needle equally. Prioritize these high-impact steps: 

  • Maximize employer match. Contribute at least enough to capture your full employer match in a workplace plan for an immediate, guaranteed return.
  • Increase savings rate annually. Even a 1% raise to your contribution each year compounds dramatically over decades.
  • Use tax-advantaged accounts effectively. Balance pre-tax (traditional 401(k)) and after-tax (Roth IRA/401(k)) accounts to hedge future tax uncertainty. The IRS and financial institutions outline rules you’ll want to follow when deciding account types.
  • Automate and escalate. Set automatic increases and treat contributions like a recurring bill. Out of sight, out of temptation.
  • Tackle high-interest debt. Paying off consumer debt increases your retirement savings capacity faster than most investments will. 

Check your investments and risk 

As retirement nears, your asset allocation matters. Younger investors typically favor growth (higher stock exposure); those closer to retirement often shift toward capital preservation and predictable income. Our retirement essential steps and checklists are helpful resources as you choose investments and estimate withdrawal strategies. 

Don’t forget insurance and healthcare planning 

Healthcare is one of the largest retirement expenses for many households. Understand Medicare enrollment windows, long-term care options, and how health costs might impact your savings. Consider keeping an emergency fund and appropriate insurance to avoid tapping retirement accounts early. 

Local retirement considerations for Nashville area residents 

Living in and around Nashville can affect costs and lifestyle choices in retirement, from housing and property taxes to proximity to family and medical care. Meet with a local advisor who understands Tennessee’s economic landscape and can tailor withdrawal strategies, tax-planning, and location-specific cost estimates to your situation. At Allgood Financial, we work with Nashville-area clients to translate big-picture goals into neighborhood-level realities. 

Measure progress with regular checkups 

Once you’ve set goals, schedule annual or semiannual checkups. A few markers to track: 

  • Net worth and retirement-account balances vs. your target
  • Savings rate as a share of income
  • Investment performance relative to your risk profile
  • Updated Social Security benefit estimates as you age
  • Any life changes (marriage, childcare, caregiving, job changes) that affect goals 

When to consult a financial advisor 

You don’t need an advisor to start saving, but an advisor can add value when your situation gets complex: tax-efficient withdrawal sequencing, pension election choices, splitting retirement accounts during divorce, or coordinating a business sale into retirement. If you live in Nashville and want a relationship-based planner who prioritizes generational financial health, look for an advisor who offers comprehensive retirement planning and local knowledge. 

Quick New-Year action checklist 

  • Update or create your retirement vision and target monthly income.
  • Run the three simple calculations (benefit estimate, 25x rule, contribution adequacy).
  • At minimum, contribute to capture your employer match.
  • Automate a 1%+ annual increase to contributions.
  • Revisit asset allocation and make incremental shifts if you’re within 10 years of retirement.
  • Schedule a planning review with a trusted advisor. 

Resources to learn more 

  • Social Security Administration—Retirement Planner and full retirement age tools.
  • Internal Revenue Service—Current retirement plan and IRA contribution limits and guidance.
  • Vanguard—Retirement planning checklists, worksheets, and investment guidance. 

At Allgood Financial, your financial confidence is our business. We’re in Nashville to build long-term relationships that help families do all good things—today and for generations to come. If you’d like a complimentary retirement checkup tailored to your Nashville lifestyle and timeline, contact our team and let’s set practical goals for the new year. 

Ready to get started? Call Allgood Financial or schedule a consultation online to see whether your retirement plan is truly on track.