If you’re considering stepping away from the workforce and plan to retire in the next 10 years, now is the time to make critical decisions. Host and financial advisor, Pete Benson dives into the key steps to help ensure a smooth transition into retirement, especially if you plan to retire in the next 10 years. Whether you’re 45, 55, or on the cusp of 65, time moves quickly, and waiting until the last minute can leave you stressed, scrambling, playing catch-up, and even working far longer than you hoped.
If you plan to retire in the next 10 years, and are asking yourself the following questions, you’re not alone.
- What’s the “retirement number” I need to reach for financial security?
- How can I catch up on retirement savings if I feel behind?
- Should I aim to be debt-free before retirement, or does some debt make sense?
- What unexpected expenses—like healthcare—do I need to prepare for?
In today’s fast-moving world, it’s easy to think retirement is still far away—until suddenly it isn’t. If you plan to retire in the next 10 years, you’re in the “Retirement Red Zone.”
The final decade before retirement is the “retirement red zone,” where small choices can make a big difference. Pete guides you through these essential steps—so you’re not just hoping for a comfortable retirement but planning for it with confidence. If you plan to retire in the next 10 years, taking deliberate steps now can make all the difference in achieving the lifestyle you envision. While it may feel like you have plenty of time, the truth is that this critical “retirement red zone” period passes quickly, and every financial decision counts. Acting now ensures you can weather market fluctuations, make smarter investment choices, and avoid common pitfalls that can derail your retirement plans.
KEY LEARNINGS: Key Steps To Take If You Plan to Retire In The Next 10 Years
- Know Your Retirement Number
- Define the lifestyle you want and calculate how much income you’ll need.
- Consider how long you’ll live in your current home or if a move makes financial sense.
- Use Beacon’s free Retirement Savings Calculator to estimate your savings goals.
- Save More Than Ever
- The last 10-15 years of work are critical for boosting your savings.
- Many retirees accumulate up to 70% of their wealth in these final working years.
- Take advantage of catch-up contributions if you’re over 50.
- Aim to Be Debt-Free
- Try to eliminate all consumer debt (especially high-interest debt) before retirement.
- Being mortgage-free isn’t required, but fewer financial obligations give you peace of mind.
- Avoid unnecessary purchases like new cars or significant lifestyle changes.
- Plan for Higher Healthcare Costs
- Understand that Medicare won’t cover all healthcare needs.
- Consider opening a Health Savings Account (HSA) to prepare for medical expenses.
- Explore long-term care insurance options to protect your assets.
- Review Your Portfolio Regularly
- Consider a possible shift to more conservative investments as retirement nears.
- Meet with a financial advisor to align your portfolio with your retirement timeline.
- Stay on top of market trends and avoid making emotional decisions.
- Prepare for the Unexpected
- Set aside 3-6 months of living expenses in an emergency fund.
- Update your will and power of attorney documents.
- Plan for life’s surprises—whether it’s home repairs or family emergencies.
- Be Tax-Efficient in Retirement
- Taxes can eat into your retirement income if not properly managed.
- Beacon offers a free tax-reduction analysis to help you potentially minimize tax burdens.
- Take proactive steps to avoid future tax surprises by converting traditional accounts into Roth IRAs where appropriate.
Retirement planning is more than just saving money—it’s about understanding your financial goals, eliminating debt, and planning for unexpected challenges.
Planning to retire in the next 10 years doesn’t have to be scary. However; overlooking or underestimating just one crucial area can cost you big in retirement.
Don’t Wait—Start Planning Today!
Whether you’re a few years away from retirement or just getting serious now, following these steps can make a huge difference. Remember: peace of mind requires a plan.
Schedule a free Financial Plan Checkup to help ensure you have a solid and comprehensive retirement plan.
Click here to schedule your Free Financial Plan Checkup, or give us a Call (615) 488-9303 📞
It’s time to stop procrastinating and start preparing, if you plan to retire in the next 10 years. Your retirement years can be the most rewarding chapter of your life—but only if you plan ahead.
Request Beacon’s free Retirement-Ready Toolbag with three valuable resources to help you get retirement-ready.
The free Retirement-Ready Toolbag includes:
- Money Enough for Life – A practical guide to ensure you never run out of money.
- Retirement Planning Checklist – A step-by-step workbook to keep you on track.
- Maximizing Your Retirement Income – Tips to boost your income streams during retirement.
📞 Call (615) 488-9303 to request your Retirement Readiness Toolbag at no cost. No need to meet in person—just provide your mailing address, and it’ll be on its way!
The goal of this epidode “Key Steps To Take If You Plan to Retire In The Next 10 Years” is to:
- Maximize Your Savings Potential:
With just a decade left until retirement, it’s essential to save more than ever. Taking advantage of catch-up contributions and optimizing your savings strategy during these years ha sthe potential to significantly grow your nest egg. - Combat Rising Healthcare Costs:
Healthcare expenses can be unpredictable and costly, especially as people are living longer. Planning now ensures you have sufficient coverage and savings to handle medical expenses, Medicare gaps, and potential long-term care needs. - Avoid Procrastination and Financial Stress:
Waiting until the last few years to address key financial issues can lead to rushed decisions and unnecessary stress. Planning early gives you the time to adjust your strategy, reduce debt, and optimize investments. - Plan for Tax Efficiency:
If you plan to retire in the next 10 years, understanding how taxes will impact your withdrawals is crucial. Implementing strategies such as Roth conversions can help minimize tax burdens in retirement.
By understanding these steps, you can confidently approach retirement knowing you’ve laid the groundwork for a secure and fulfilling future. Proper planning helps you achieve peace of mind and gives you the financial freedom to enjoy your retirement years fully. Give us a call (615) 488-9303 📞
Check out these free financial planning resources to help get your retirement questions answered, especially if you plan to retire in the next 10 years:
Beacon Retirement Strategies Radio Show
- Money Myths and Surprising Truths
- Are You Missing Out On Tax-Free Money?
- The Most Popular Retirement Questions
- Five Essential Pillars of Financial Planning
- Annuities: The Good, Bad, Ugly and Unknown
Retirement Talk YouTube Show:
- Top Questions to Ask Your Financial Advisor Now
- Medicare Enrollment Questions to Ask Before Turning 65
- Stock Market Trends in Election Years
Beacon Capital Management Article:
- What is a Good Monthly Retirement Income?
- What Is Retirement Income Planning?
- How Long Will My Retirement Savings Last?