You’re Getting Closer—Now’s the Time to Get Clear
If you're 5 to 10 years away from retirement, the reality is starting to set in: this next phase of life isn’t just a distant idea anymore. It’s real, and it’s coming fast. Whether you’ve been planning for decades or are just starting to feel the urgency, now is the time to make sure your financial foundation is strong, strategic, and personal to you.
The good news? You still have time to take meaningful action. With the right plan in place, you can reduce financial stress, take advantage of tax strategies, and move into retirement with confidence. And just as important, there are ways you can and should involve your family in the process, so everyone is informed and aligned for the future.
1. Why These Next 5–10 Years Are Crucial
This is your final stretch to:
- Maximize retirement contributions
- Minimize tax exposure
- Eliminate debt
- Structure your withdrawal strategy
- Prepare emotionally and practically for a major life transition
These years offer a unique opportunity: you likely have peak earning power, your kids may be launching into independence, and you can see your retirement vision more clearly than ever. But without intentional action, that vision can get clouded by uncertainty, avoidable mistakes, or missed opportunities.
2. Start with a Comprehensive Financial Plan
A financial plan in this phase of life is more than a budget and a savings target. It’s a living strategy that should include:
- Net worth statement
- Investment allocation review
- Retirement income projections
- Tax strategy
- Insurance and health care review
- Estate and legacy planning
This plan acts as your roadmap. It gives you clarity on what’s working, what needs adjustment, and how to prioritize your time, money, and energy.
Working with a financial planner now means you’re not guessing, you’re making decisions based on data, experience, and a clear view of the road ahead.
3. Steps You Should Take Right Now
Max Out Retirement Contributions Now is the time to ramp up contributions to your 401(k), Roth IRA, SEP IRA, or other tax-advantaged accounts. If you're 50 or older, you can take advantage of catch-up contributions.
Review Your Investment Strategy Are you too aggressive or too conservative? Your risk tolerance and time horizon are shifting. It’s time for an important check-in.
Reduce or Eliminate Debt Try to retire without high-interest debt. This means tackling credit cards, car loans, or even paying down your mortgage depending on your overall plan.
Estimate Your Retirement Income Consider all your income sources: Social Security, pensions, investment withdrawals, rental income, etc. Does it align with your retirement lifestyle goals?
Explore Health Care Options Retirement often comes with the loss of employer-sponsored insurance. Understand your Medicare options and potential supplemental plans well before you need them.
Stress-Test Your Plan Run scenarios. What happens if the market dips? If you retire earlier than expected? If health care costs rise? A good financial plan should have contingency strategies.
4. The Role of Adult Children in Your Retirement Plan
This phase of life also comes with shifting family dynamics. Your kids may be adults now, but they’re still a big part of your future.
Why You Should Involve Them:
- Transparency reduces stress later
- They may be named as beneficiaries or healthcare proxies
- Understanding your financial and estate plans helps them avoid confusion or conflict
What to Share:
- Where important documents are kept
- Who your financial, legal, and healthcare professionals are
- What your wishes are for long-term care, estate distribution, and legacy goals
Host a Family Financial Meeting This doesn’t have to be formal or intimidating or awkward. It can be a relaxed dinner conversation or a Zoom call for kids who live far away. The point is to open the door now so everyone feels prepared and informed.
Not sure how to start the conversation? Your financial advisor can guide you on what to cover, how to approach it, and how to make it a positive experience for everyone involved.
You can also grab this guide and checklist to help you get the conversations started and prepare a list of where important documents are for your beneficiaries.
5. Don’t Go It Alone—Your Retirement Plan Deserves Professional Guidance
You likely wouldn’t even take a simple roadtrip without your GPS so why approach something as complex as retirement without navigation?
Working with a financial advisor in this phase helps you:
- Clarify your vision
- Avoid costly mistakes
- Create tax-efficient strategies
- Coordinate across all areas of your life: income, investments, insurance, estate planning, and more
And if your adult children are starting to build their own financial futures, it’s a great time to introduce them to these planning conversations as well. Your strategy can serve as a model for them and help strengthen your family’s financial legacy.
Plan With Intention. Retire With Confidence.
If you’re 5 to 10 years out from retirement, this is your moment to get intentional. You still have time to adjust, improve, and design a plan that supports your future self and protects the people you love.