Near retirement – Less than 10 years away from retirement

Here are some things you can do right now to prepare.

Choose and organize your accounts

Do you know what you have and where it is? Getting organized can help you see the big picture.

Take action

  • Inform a beneficiary of legal or financial records, PIN numbers, passwords and other information.
  • Throw out old paper statements or bills. Shred the discarded documents to keep them out of the hands of identity thieves.
  • Identify all your accounts by looking through the statements you receive, both on paper and online.
  • Register for online accounts and automate transactions whenever you can.

Maximize your savings

Now is the time for you to save as much as possible. Take advantage of key savings and contribution strategies to help you get there.

Take action

  • If you're age 50 or older, make catch-up contributions to applicable accounts.
  • Set up automatic contributions to your retirement plans.
  • Review your savings plan with your financial advisor.
  • Make sure you have at least a six-month cash reserve.

Manage your investments

The closer you get to retirement, the more decisions you'll need to make about your investments.

Take action

  • Review your risk tolerance and asset allocation.
  • Adjust your portfolio to ensure that it's still diversified.
  • Discuss a retirement income strategy with your financial advisor, including a withdrawal plan.
  • If you have appreciated company stock in your employer's retirement plan, determine if there are tax benefits available to you if you plan your distributions appropriately.

Define your expectations

Continue to refine your retirement goals and expectations, including when you plan to retire.

Take action

Balance your retirement income and expenses

Start planning for your living needs in retirement, including your projected income and expenses. If you foresee an imbalance, you have time to make adjustments.

Take action

Important Upcoming Dates

January – December 2018

  • 2017 required minimum distribution deadline for individuals who turned age 70 ½ during 2017 (born after June 30, 1946 and before July 1, 1947). Note: the April 1 deadline only applies to the first RMD after turning 70 ½. The deadline for subsequent years is Dec. 31.
  • Individual 2017 tax returns and tax payments are due.
  • Deadline for funding a traditional or Roth IRA for 2017.
  • Extended 2017 tax filing deadline for individuals who filed for an extension on Form 4868 (Application for Automatic Extension of Time To Tile U.S. Individual Income Tax Return). Deadline for sole proprietors that filed for a six-month extension to establish and contribute to a SEP IRA for 2017.
  • Deadline to recharacterize an IRA contribution or conversion from 2017.
  • Deadline to take required minimum distributions (RMDs) for 2018 tax year, applies to individuals born June 30, 1947 or earlier.

  • Deadline to convert a Traditional IRA to a Roth IRA for the 2018 tax year.

  • Deadline to sell non-qualified securities to realize a gain or loss for the 2018 tax year, if appropriate.

  • Deadline to make charitable gifts for tax year 2018 federal income tax deductions.

Note: Taxpayers should begin the process by mid-December to meet the Dec. 31 deadline.

*IRS deadline for the individual tax return filing, IRA and Coverdell contributions and estimated tax payments are delayed to the next business day if they fall on a weekend or legal holiday. Monday, April 16, 2018 is Emancipation Day, a legal holiday in the District of Columbia.