Retirement Planning

Countdown to retirement

Are you ready to retire? The answer to that question depends on when you plan to start your retirement. With these suggestions, you’ll discover what steps experts say you should take now to help secure your financial future, whether your retirement is just around the corner or still a ways off. 

10 years from retirement 

During this time you want to be maxing out your retirement vehicles as much as possible. You won’t get the same benefit you did in your 20s, but 10 years is still a long enough time for money to grow.

Five years from retirement

Talk to a financial professional about what your risk should be, and which shorter term, safer strategy can still allow your money to grow in those last five years without putting your retirement in peril should markets change.

If you haven’t already purchased long-term care insurance, you may want to consider looking for a plan now, because how you’ll pay for that care will likely be a piece of your financial puzzle. At least 70 percent of people older than age 65 will need long-term care services and support at some point in their lives. Once you decide what plan is best for you, make sure you share this information with whoever will make decisions for you should you become incapacitated, so that he or she knows where to send premium payments to keep you covered (and what your wishes are overall). 

One year from retirement

One year out is also the time to zero in on what your retirement lifestyle will be like. Will you work part-time? Do you want to travel? Are you looking forward to pursuing a hobby? The answer to these questions can help you better define your retirement budget. You can also use this year to test-drive what living on your post-retirement income will be like.

Share your retirement timing and goals with your financial professional. You can work together to create a retirement savings and income strategy that can help make your countdown to retirement successful.