Planning for Retirement When You’re Within 10 Years of Your Goal
Reaching the final decade before retirement is an exciting and pivotal time. With retirement on the horizon, it’s important to review your income, healthcare, and estate planning to ensure you can enjoy your next chapter with confidence and peace of mind.
At Sound Retirement Solutions, we help clients approaching retirement develop a strategy that coordinates income planning, over 65 healthcare, life insurance, and estate considerations.
Focus on Income Planning
As retirement approaches, reviewing your income strategy is essential. Key steps include:
Evaluate Savings and Investments: Ensure your portfolio aligns with your risk tolerance and retirement timeline. Shifting to more conservative investments may help protect your savings from market fluctuations.
Project Retirement Income: Consider all income sources, including pensions, Social Security, annuities, and investment withdrawals. A retirement planner can model different scenarios to ensure your income will support your lifestyle.
Create a Withdrawal Strategy: Planning withdrawals carefully helps avoid depleting savings too early and ensures you have funds for both everyday expenses and unexpected costs.
Over 65 Healthcare Planning
Healthcare expenses often increase with age, making over 65 healthcare planning critical in the final years before retirement. Steps to consider include:
Reviewing your healthcare coverage options to ensure adequate protection
Estimating out-of-pocket costs for prescriptions, routine care, and potential long-term care
Coordinating healthcare costs with your income plan to prevent financial surprises
Review Life Insurance and Estate Planning
Your needs for life insurance and estate planning may change as you approach retirement. Consider:
Adjusting coverage to protect your spouse, dependents, or to cover final expenses
Reviewing wills, trusts, and powers of attorney to ensure they align with your current wishes
Naming or updating beneficiaries on accounts and policies to reflect your family and estate plans
Reduce Debt and Plan Your Lifestyle
Within 10 years of retirement, it’s also important to:
Reduce or eliminate high-interest debt to lower financial stress
Evaluate your desired retirement lifestyle, including housing, travel, and hobbies
Plan for contingencies, including emergency funds for unexpected expenses
The Role of a Retirement Planner
A retirement planner helps you integrate income, healthcare, insurance, and estate planning into a comprehensive strategy. By reviewing your plan during this critical decade, you can make adjustments that maximize security and ensure your retirement goals are achievable.
Moving Forward With Confidence
The final 10 years before retirement are a crucial time for preparation. By reviewing your income, over 65 healthcare, life insurance, and estate planning, you can enter retirement with clarity, confidence, and peace of mind.
If you are within 10 years of retirement and want guidance on creating a strategy tailored to your goals, we invite you to schedule a conversation with a retirement planner at Sound Retirement Solutions. Together, we can create a plan that protects your income, supports your healthcare needs, and secures your lifestyle for the years ahead.
