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 2017

  • 2016 required minimum distribution deadline for individuals born July 1, 1945 to June 30, 1946 (if initial RMD was not satisfied by 12/31/16)
  • Individual 2016 tax returns and tax payments are due
  • Deadline for funding a traditional or Roth IRA for 2016
  • Extended 2016 tax filing deadline for individuals who filed for an extension on form 4868 (application for automatic extension of time to file 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 2016
  • Deadline to recharacterize an IRA contribution or conversion from 2016
  • Deadline to take required minimum distributions (RMDs) for 2017 for individuals born June, 30 1946 or earlier.

  • Deadline for conversions to Roth IRA for 2017

  • Deadline for selling non-qualified securities to realize gain or loss in 2017, if appropriate.

  • Charitable giving deadline for 2017 federal income tax deduction.

Note: Taxpayers may need to start the process by mid-December to meet the December 31 deadline.