If it appeared on the web in North America, is focused on Financial Independence, and involves a list of ten, we may present that blog or column here. For really good stuff, we may admit lists of 5, 7 and other numbers too!
You can find more on the same theme here at Financial Highway, where the writer goes beyond the beaten path with his suggestion of writing a love letter. Or a “personal gift card” providing various future services to be rendered. (around the house, of course!)
The ten years prior to retirement are when a lot of people start to take a hard look at their retirement readiness. This makes sense, as you are likely in a position to make some decisions about what your retirement lifestyle will look like.
This is also a good opportunity to deal with any retirement shortfalls while there is still some time to make adjustments. Here are ten planning steps to take within 10 years of retirement.
Maximize your retirement savings
The ten years prior to retirement will be among the highest-income years of their careers for many retirement savers. This is a time to maximize your contributions to your 401(k) plan, to IRAs or to a self-employed retirement plan. While these contributions will not have as many years to compound as those made in your 20s and 30s, these late-career retirement contributions are still important.
Once you hit the Decumulation years, a common option new retirees consider is Downsizing from a large urban home. Friends of ours on our street are about to put their home up for sale in order to move to a small town an hour away. The difference in the home values will constitute a major nest egg to supplement meagre government pensions and part-time work.