As people move toward retirement age, they tend to ask two types of questions: “How should I be thinking about retirement planning right now?” and “What comes next?”

The following sets of activities are intended to help keep you on track with your retirement planning strategy—from a financial, social, and overall wellness perspective. Of course, you’ll have your own personal goals, but the milestones below can help you set your focus, organize your activities, and feel more confident that you’re thinking about the right aspect of retirement planning, right now. You can download this worksheet to help you plan. 

Horizon: 10 to 15 years to retirement

Financial: clean up debt and accumulate savings

• Save as much as possible
• Consider increasing your contribution rate each year—which you may be able to do automatically
• Monitor debt and create a strategy for keeping it manageable
• Check your emergency savings and replenish, if needed
• Take advantage of time, and choose investments that fit your long-term goals

Social: expand your network

• Dive into your interests to see which really inspire you
• Use these interests to springboard into social and learning opportunities—in person and online

Overall wellness: rest up and recharge

• Get plenty of sleep to stay sharp and productive
• Find a balance of work and leisure that works for you

Horizon: 5 to 10 years to retirement

Financial: accumulate savings and make management simpler

• Keep saving as much as possible—and putting more away each year
• Keep your debt manageable and your emergency savings replenished
• Set your focus on a preretirement savings goal linked to a preliminary income target
• If you’ve fallen off track, regain momentum with achievable short-term savings goals
• Consider consolidating all your retirement savings accounts in one place¹

Social: partner for results

• Discuss your retirement vision with your partner or loved ones
• Reinforce your important relationships with shared goals and planning

Overall wellness: keep on moving

• If you have good exercise habits, keep them up and set new goals
• If it’s been a while, take that important first step—and consider a wearable activity tracker for inspiration

Horizon: 1 to 5 years to retirement

Financial: accumulate savings, dial up safety, and begin to transition

• Keep saving as much as possible
• Turn toward late-stage investing—consider a strategy of lower risk and more moderate growth potential
• Centralize information on all future retirement income sources—retirement savings, pensions, Social Security, and others
• Consider your Social Security options, and apply for Medicare when eligible (usually age 65)
• Learn about, and factor in, taxes on different kinds of retirement income and investments

Social: expand your outlook

• Explore new sources of fun and fulfillment
• Find purpose in causes and activities besides your career

Overall wellness: commit to staying healthy

• Make sustainable changes to diet, sleep, and exercise that’ll pay off in better health
• Keep up with regular health appointments and visits

Horizon: 1 year or less to retirement

Financial: focus on the future

• Do a thorough review of your monthly budget and spending
• Determine how you’ll collect Social Security—early, at retirement age, or delayed start
• Make sure your investments are in line with your current needs and investor profile
• Tighten up your income strategy, including estimated expenses, withdrawals from retirement savings accounts, pension payments, Social Security, and other income sources
• If you’re age 70 (or age 72, for those born after June 30, 1949), keep required minimum distributions in mind

Social: stay connected

• Consider part-time work or volunteer opportunities
• Make family relationships and friendships a priority

Overall wellness: enjoy life

• Set aside time and money for continuing to do the things you love
• Enjoy the lifestyle you’ve worked so hard to achieve

1 As other options are available, such as leaving it in your old plan, rolling over to an IRA, or cashing out, you are encouraged to review all of your options to determine if combining your retirement accounts is suitable for you.