Ready or Not, Retirement Is Coming: Here’s How to Be Prepared

Imagine you're training for a marathon. You wouldn’t wait until the final mile to stretch, hydrate, and lace up your shoes. Retirement works the same way. It’s not a finish line you suddenly cross—it’s a whole new race. Whether you’re a few years out or still have a decade to go, now is the time to prepare with purpose.

And just like any good training plan, your retirement prep doesn’t need to be overwhelming. With the right mindset and a few clear steps, you can go into this next phase of life with clarity and confidence.

Here’s your retirement game plan—simple, smart, and built for long-term success.

1. Find Out Where You Stand

Before you make any big moves, take stock. Think of this like checking the map before a road trip. Look at your retirement accounts, debt, home equity, and projected income from Social Security, pensions, or the DROP program (especially if you’re in public safety like so many of the folks I work with).

You want to answer the question: “If I stopped working tomorrow, what kind of lifestyle could I maintain?”

Tools like retirement calculators are helpful, but sitting down with a fiduciary financial advisor—someone who has your best interest first—can give you a clearer picture. As the saying goes:

“You can’t know where you’re going if you don’t know where you are.” — Anonymous

2. Boost Your Savings—And Use Catch-Up Contributions

Time is your most valuable asset. But if you’re 50 or older, the IRS throws you a lifeline with catch-up contributions. In 2025, you can contribute up to $30,500 to a 457(b) plan (that’s the $23,000 regular limit plus $7,500 catch-up). For traditional and Roth IRAs, the limit with catch-up is $8,000 (IRS.gov).

Think of this as putting in a little extra mileage before race day. Every extra dollar you invest now buys you more freedom later.

“Do something today that your future self will thank you for.” — Sean Patrick Flanery

 

3. Invest for Growth—Even Now

It’s tempting to play it safe as retirement nears, but being too conservative can be a risk in itself. Retirement might last 25–30 years—your money needs to keep up with inflation and rising costs.

This is where diversification comes in. A balanced portfolio—stocks, bonds, maybe some real assets—is like a well-built campfire: it burns steady and warm without going up in flames.

Warren Buffett once said:

“The most important quality for an investor is temperament, not intellect.”Stay steady, stay diversified, and keep your long-term goals in focus.

4. Downsize Debt Before You Downshift

Debt can sneak into retirement like an unwanted houseguest. If you’re still carrying a mortgage, car loan, or credit cards, now’s the time to build a payoff strategy.

Could you downsize your home? Refinance? Put extra toward high-interest debt?

Dave Ramsey says it plainly:

“The borrower is slave to the lender.”And I’d add—freedom in retirement means having fewer bills and more choices.

5. Estimate Your Retirement Income and Expenses

Close your eyes and picture your ideal retirement. Are you road-tripping with your spouse? Helping your grandkids with college? Volunteering or moving to a cabin in the woods?

Now—how much will that cost?

Factor in everyday expenses plus those sneaky ones: taxes, health care, dental work, home repairs. Inflation alone can quietly chip away at your lifestyle.

A general rule: you’ll need 70–80% of your pre-retirement income to maintain your lifestyle, but some people need more, especially if they plan to travel or support family.

“A goal without a plan is just a wish.” — Antoine de Saint-Exupéry

 

6. Plan for Health Care Costs—Before They Catch You Off Guard

According to Fidelity’s 2023 estimate, a 65-year-old couple may need $315,000 just for medical expenses in retirement (Fidelity.com).

If you’re planning to retire before 65, factor in the cost of private health insurance before Medicare kicks in. And if you’re still eligible, consider contributing to an HSA (Health Savings Account). It offers triple tax advantages:

• Contributions are tax-deductible

• Growth is tax-free

• Withdrawals for qualified expenses are tax-free

Think of it as a health care parachute—one you definitely want packed and ready.

7. Decide Where You’ll Live

Where you live in retirement affects everything: your taxes, expenses, lifestyle, and access to family or support. Some states tax pensions and Social Security, others don’t. Some towns have high property taxes; others are more retiree-friendly.

Moving can be a financial strategy as much as a lifestyle choice. Downsizing might free up cash, reduce maintenance stress, or bring you closer to what (and who) matters most.

8. Plan Ahead for Social Security

Social Security isn’t just a benefit—it’s a strategy. You can claim as early as 62, but waiting until full retirement age (66–67 for most) can increase your monthly check. Delay until 70 and you’ll max out your benefit.

That can mean 30%–75% more per month compared to claiming early (SSA.gov).

Work with an advisor to run the numbers—it’s not one-size-fits-all, but the right timing can add up to tens of thousands over your lifetime.

 

9. Consider Roth Conversions and Tax Strategies

What you keep in retirement is just as important as what you earn.

A Roth conversion lets you move money from a traditional IRA into a Roth IRA, paying taxes now but getting tax-free growth and withdrawals later. This can make sense if you’re in a lower tax bracket today than you expect to be in retirement.

Also, think ahead about how and when you’ll withdraw money. A smart withdrawal strategy can help you stay in a lower bracket longer—and reduce your lifetime tax bill.

“It’s not about how much money you make. It’s about how much money you keep.” — Robert Kiyosaki

10. Start Shifting Toward Retirement Income

Retirement isn’t just about the size of your savings—it’s about turning that nest egg into income you can rely on.

Talk to your advisor about building a plan that includes:

• Pensions or DROP payouts

• Monthly withdrawals from 457(b)s, IRAs

• Possibly annuities or bond ladders

• Required Minimum Distributions (RMDs) at age 73

Just like in sports, shifting from offense (saving) to defense (spending wisely) is where the game is won.

Final Thoughts: One Step at a Time

Preparing for retirement doesn’t mean you have to get everything perfect—it just means you need to be intentional. Think of it like building a fire: gather your fuel (savings), protect it from the wind (taxes), and keep it burning through the night (income planning).

“The best time to plant a tree was 20 years ago. The second-best time is now.” — Chinese Proverb

Let’s make sure your retirement is a chapter worth looking forward to—full of clarity, confidence, and peace of mind.

Need help figuring out your plan? I work with individuals, especially public safety professionals, to simplify retirement and maximize every opportunity.

Let's talk.