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If you're about 10 years away from retirement, congratulations — you're entering a pivotal phase of your financial journey. This is the time to shift from accumulation to preparation, ensuring that your retirement years are as fulfilling and stress-free as possible. Whether you're planning to travel the world, spend more time with family, or pursue new passions, the steps you take now will shape your future lifestyle. Here are the top five things you should do to get retirement-ready — starting today.
1. Clarify Your Retirement Vision
Before you crunch numbers or adjust your portfolio, take time to envision what retirement looks like for you. Do you plan to stay in your current home, downsize, or relocate? Will you continue working part-time, volunteer, or pursue hobbies full-time? Understanding your desired lifestyle helps define how much income you'll need and what trade-offs may be required.
This vision should include both the tangible (housing, travel, healthcare) and the intangible (purpose, relationships, well-being). Discuss your goals with your spouse or partner, and write them down. A clear vision provides the foundation for every financial decision that follows.
👉 Take Action: Set aside time this month to write out your ideal retirement day — from morning to evening. What are you doing? Who are you with? Where are you living?
2. Evaluate Your Financial Position
With 10 years to go, it's time to take a detailed inventory of your finances. This includes your retirement accounts (401(k), IRA, Roth), taxable investments, savings, pensions, and any other assets. Also consider liabilities like mortgages, loans, or credit card debt. Knowing your net worth gives you a baseline to measure progress.
Next, estimate your retirement income sources — Social Security, pensions, rental income, or part-time work — and compare them to your projected expenses. This gap analysis will tell you how much more you need to save or adjust.
👉 Reflect: Do you know your current net worth? If not, create a simple spreadsheet or use a financial planning tool to calculate it.
3. Maximize Retirement Contributions
Now is the time to supercharge your savings. If you're over 50, you can take advantage of catch-up contributions for both workplace retirement plans and personal retirement accounts (401(k), 403(b), 457(b), IRAs). These extra contributions can significantly boost your retirement nest egg over the next decade. If you’re 60-63, you are eligible for “super” catch-ups, which can bolster your retirement savings even more!
Also consider whether a Roth or traditional account is more tax-efficient for your situation. A Roth 401(k) or Roth IRA can provide tax-free income in retirement, which may be valuable if you expect higher tax rates later.
👉 Take Action: Review your current contribution levels and increase them if possible. Even a 1–2% bump can make a big difference over 10 years.
4. Stress-Test Your Retirement Plan
A good retirement plan isn’t just about averages — it’s about resilience. Use financial planning software or work with an advisor to run scenarios: What happens if the market drops early in retirement? What if you live to 95? What if healthcare costs are higher than expected?
Stress-testing helps you identify potential risks and build in buffers — like a larger emergency fund, long-term care insurance, or a more flexible withdrawal strategy. It’s better to uncover gaps now than when you’re already retired.
👉 Reflect: When was the last time you reviewed your retirement projections under different market or longevity scenarios?
5. Align Your Estate and Tax Plan
As you approach retirement, your estate and tax strategies should evolve. Make sure your will, healthcare proxy, and power of attorney are up to date. Review beneficiary designations on retirement accounts and insurance policies — these override your will.
From a tax perspective, consider strategies like Roth conversions, charitable giving, or shifting assets to more tax-efficient vehicles. These moves can reduce your lifetime tax burden and increase what you leave behind.
👉 Take Action: Schedule a review with your estate attorney and tax advisor to ensure your plan reflects your current wishes and goals.
Need Help?
Whether you’re ready to get started today or you’re just exploring your options, talk to an advisor to discuss your next steps.
