9 Retirement Moves to Make Before the End of the Year

Whether you're planning to work for another five years or another 25, it's never a bad time to focus on retirement. Here are some key moves worth making before 2021 comes to a close.

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You may not be able max out your IRA or 401(k) plan this year -- but your goal should be to get as close as possible. At this point, you only have a few more months to make contributions toward retirement this year, so see how well you’ve funded your savings to date.

ALSO READ: 5 Better Ways to Save for Retirement Than a 401(k)

If you're not close to maxing out your retirement plan for the year, now's a good time to figure out how to sneak more money into it before 2021 wraps up. That could mean cutting back on specific expenses to free up cash, or taking on a side job to earn more money.

Ideally, your IRA or 401(k) should be invested for maximum growth. Take some time to see how your investments are doing and make sure you're invested appropriately for your age. Having too conservative a portfolio could hurt you later in life, but if you're nearing retirement, you may want to scale back if you're invested very aggressively.

If you're saving in a traditional retirement account, it may be time to consider a Roth savings option. That way, you'll get to enjoy tax-free withdrawals during retirement. Crunch some numbers and see if this is the right year to do a Roth conversion.

ALSO READ: 3 Cheap Stocks That Help You Retire Early

If you're eligible for a health savings account, or HSA, it pays to get as close as possible to maxing out your contributions. That money can be carried all the way into retirement, at which point it can serve as a dedicated source of healthcare funds.

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Knowing what Social Security benefit you're in line for will help you better plan for retirement. Take the time to review your annual earnings statement, which will include an estimate of your future benefit. You'll get that statement in the mail if you're 60 or older, and if not, you can access it by creating an account on the Social Security Administration's website.

Even if you're not retiring anytime soon, it wouldn't hurt to get an idea as to when you think you might claim Social Security. The age at which you file for benefits will determine how much money you get, so it's important to think through different options.

ALSO READ: Can You Retire a Millionaire Using Only a 401(k)?

Medicare eligibility begins at 65, though it makes sense for some seniors to delay their enrollment, at least in Part B. But even if you're not close to approaching 65, it pays to learn more about what Medicare entails and the services it covers.

Maybe you're hoping to travel a lot in retirement, or start a business. Spend some time thinking about what you want your senior years to look like, as that will likely influence the approach you take to saving for them.

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We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

The retirement moves you make in the coming months could have a huge impact down the line. Take the opportunity to check these items off your list before 2021 wraps up and we welcome 2022.

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