10 Things to Do If You’re Nearing Retirement

(July 2024)


In This Article

Ever wake up with an awareness, realizing retirement is closer than you think? Feeling equal parts excited and terrified? You’re not alone! Retirement can be amazing, a chance to finally call the shots. But before you leave the office, you need adequate preparation. This list will guide you through 10 essential steps to turn your retirement from “maybe someday” to “best years ever!” Buckle up, and get ready to design your dream retirement!

1. Evaluate Your Retirement Savings.
2. Calculate Your Anticipated Retirement Expenses
3. Review Your Retirement Accounts and Investments
4. Consider Your Social Security Benefit
5. Develop a Retirement Budget
6. Explore Healthcare Options For Retirees
7. Investigate Potential Sources of Retirement Income
8. Create a Plan for Debt Management
9. Determine Your Desired Retirement Lifestyle
10. Seek Professional Financial Advice and Guidance

Motivated? Let’s get you prepared!

1. Evaluate Your Retirement Savings

To prepare for retirement, assess your savings by gathering documents related to your retirement accounts, such as 401(k), IRA, or pension. Crunch the numbers by adding up the totals and comparing them to your retirement goals. Determine if you’re on track to achieve your desired retirement lifestyle.

If not, reconsider your savings strategy and make necessary adjustments promptly. It’s crucial to act now rather than regret later. Take proactive steps to ensure financial security in your golden years. Regularly review and adapt your retirement plan as needed to meet changing circumstances and goals, securing a comfortable and worry-free retirement.

2. Calculate Your Anticipated Retirement Expenses

To equip yourself for retirement, figure out how much money you’ll need for retirement. First, write down all the things you’ll spend money on when you retire, like rent or mortgage, food, healthcare, and fun stuff like hobbies or travel. Then, guess how much each thing might cost you each year.

Add up all those guesses, and that’s roughly how much money you’ll need each year in retirement. It’s important to think about this carefully so you can plan and save enough money to enjoy your retirement without worrying about running out of cash.

3. Review Your Retirement Accounts and Investments

To get ready for retirement, begin by delving into your retirement accounts and investments. Grab all your paperwork or log into your online accounts – take a good look at what you’ve got saved up for retirement. Check out your 401(k), IRA, pension, stocks, bonds, or any other investments you’ve made.

Pay attention to how they’ve been performing lately and if any fees are eating into your earnings. Consider if your investment mix matches your risk tolerance and retirement timeline. If anything seems off or if you’re not sure about something, don’t hesitate to reach out to a financial advisor for guidance.

4. Consider Your Social Security Benefits

To make ready for retirement, pay attention to social security benefits. This is money you’ll get from the government when you retire, and it can be a big help in covering your expenses. Start by finding out how much you might get by checking your Social Security statement online. Consider when you want to start taking benefits – the longer you wait, the more you’ll get each month, but it’s up to you to decide what works best for your situation.

Also, think about how your spouse’s benefits might affect yours, especially if one of you earned significantly more than the other. And remember, Social Security shouldn’t be your only source of income in retirement, so make sure you’re saving and investing too.

5. Develop a Retirement Budget.

To organize for your retirement, create a retirement budget. Sit down with a pen and paper, or use a spreadsheet if you prefer. First, list out all your expected expenses in retirement, like housing, food, healthcare, transportation, and fun stuff like hobbies or travel. Be realistic and don’t forget about unexpected costs too.

Then, tally up your sources of income, like Social Security, pensions, and any retirement savings you have. Make sure your income covers your expenses, and if not, look for areas where you can cut back or ways to increase your income. Adjust your budget as needed until it’s balanced and reflects your desired lifestyle in retirement. You’ve got this!

6. Explore Healthcare Options For Retirees

To arrange for retirement, explore healthcare options for retirees! First things first, look into what healthcare coverage you’ll have once you retire. Check if you’ll be eligible for Medicare and what it covers. Consider if you need additional coverage like Medigap or Medicare Advantage plans to fill in any gaps. If you retire before you’re eligible for Medicare, investigate options like COBRA or private health insurance plans.

Don’t forget to factor in the costs – premiums, deductibles, copays, and prescription drugs. Look into any retiree health benefits your former employer might offer too. And remember, staying healthy is key, so consider wellness programs and preventive care services. Take your time exploring and choose the best healthcare plan for your needs in retirement!

7. Investigate Potential Sources of Retirement Income.

To plan for retirement, dig into finding those retirement income sources! First off, gather all your financial documents and see what you have. Check out your Social Security benefits – that’s one source right there. Then, peek into any pensions you might have from current or past jobs. Don’t forget about your retirement accounts like 401(k)s or IRAs – those can be a goldmine.

Consider any other investments you’ve got, like stocks, bonds, or rental properties. And, if you have any hobbies or skills you can turn into a side hustle, that’s extra cash in your pocket too. Take your time to explore all your options, and remember, the more income streams, the merrier!

8. Create a Plan for Debt Management

To prepare for retirement, tackle that debt head-on with a solid plan! First off, make a list of all your debts – credit cards, loans, mortgages, you name it. Write down how much you owe and the interest rates. Next, prioritize your debts – maybe start with the ones with the highest interest rates or smallest balances, whatever works for you.

Set a budget that includes regular payments towards your debts, making sure to pay more than the minimum whenever possible. Look for ways to cut expenses or increase your income to put more towards debt repayment. Don’t be afraid to negotiate with creditors for lower interest rates or payment plans. With determination and a clear plan, you’ll chip away at that debt in no time!

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9. Determine Your Desired Retirement Lifestyle

Before you retire, envision your dream retirement lifestyle! Take some time to think about what you want your retirement to look like. Picture where you want to live – maybe it’s a cozy beach house, a bustling city apartment, or a quiet countryside cottage.

Think about how you want to spend your days – traveling the world, pursuing hobbies, volunteering, or just relaxing at home. Consider what activities bring you joy and fulfillment. And don’t forget about your financial needs – your desired lifestyle will impact how much you need to save for retirement. So dream big, get specific, and make your retirement vision a reality!

10. Seek Professional Financial Advice and Guidance.

If you are close to your retirement, reach out for some expert help with your finances! Find a qualified financial advisor who can guide you through the ins and outs of retirement planning. Look for someone you trust and who has experience helping people like you reach their financial goals.

Schedule a meeting to discuss your retirement plans, savings, investments, and any concerns you have. Be open and honest about your financial situation – they’re here to help, not judge. Ask lots of questions and make sure you understand their advice before making any decisions. With their expertise on your side, you’ll feel more confident and prepared for your retirement journey. So don’t hesitate, give them a call today!


To prepare for retirement, evaluate your retirement savings. Calculate anticipated expenses and review retirement accounts and investments. Consider Social Security benefits. Then, develop a retirement budget. Remember to explore healthcare options and Investigate income sources.

Create a debt management plan. Define your retirement lifestyle and seek professional financial guidance. Follow these steps to ensure a confident and secure transition into retirement.

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