Retiring Within 10 Years? Check These 15 Must-Dos Off Your List

If you're within 10 years of retirement, you may be really excited about that upcoming stage of life. But you'll want to enter retirement in a solid financial place. To that end, here are some essential moves to make if retirement isn't all that far off.

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Do you have a solid IRA balance? Do you have a nice amount of money in your 401(k) plan? If you're not happy with the state of your savings, you still have time to do some catching up, so it pays to crunch the numbers and see what you're looking at.

Now that you're closer to retirement, you might have a handle on where you want to live and what you want your days to look like. To that end, figure out how much all of that will cost you. That way, you can compare your projected expenses with your savings and see if the numbers match up.

ALSO READ: 3 Reasons You Might Be Underestimating Your Retirement Income Needs

The money in your IRA or 401(k) plan might represent just a portion of your total retirement income. But rather than fixate on your retirement savings balance, take the time to figure out how much annual income it translates to. A balance of $500,000 might seem large, but if you want to withdraw from that conservatively, you may be left with just $15,000 or $20,000 a year in income.

Once you're within a decade of retirement, it pays to see what sort of payday you're looking at from Social Security. Granted, that number could still change depending on how much you earn over the next decade. But it still pays to have a baseline. You can find out what benefit you're in line for by accessing your annual earnings statement, which is available online at SSA.gov.

ALSO READ: Everything You Need to Know About Social Security Benefits

The amount of money you get from Social Security each month will hinge on different factors. These include your wage history as well as your filing age. It helps to do some thinking on when you'll claim Social Security so you know how much monthly income to expect.

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As retirement nears, it's a good idea to start shifting away from riskier assets, like stocks, and loading up more on bonds, which tend to be less volatile. This isn't to say that you need to dump your stocks entirely. But it's a good time to make sure you're comfortable with your investment mix, and that you aren't taking on too much risk.

Dividend stocks are a great asset to own as a retiree. Your ongoing dividend payments can serve as a nice income source. And if you don't end up needing to cash out those dividends right away, you can always reinvest them.

ALSO READ: Loading Up on Dividend Stocks? 3 Things You Need to Know

Near-retirees are often advised to go heavier on bonds. And you may want to focus on municipal bonds, because that way, the interest income you receive from them will be tax-free at the federal level. And if you buy municipal bonds issued by your home state, you'll avoid state and local taxes, too.

Medicare eligibility begins at age 65. If you expect to sign up for Medicare once you retire, then it's important to know what costs and benefits you'll get once you enroll. Spend some time doing that research now so there are no surprises.

ALSO READ: 3 Strategies to Make the Most of Medicare

Retirees are often surprised at how expensive healthcare is. Take some time to estimate what costs you might be looking at. That way, you can make sure you're truly prepared.

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Many seniors end up needing some type of long-term care. If you sign up for long-term care insurance, you could spare yourself a huge expense down the line. You might also spare your loved ones a world of stress.

ALSO READ: Is Buying Long-Term Care Insurance Worth It?

Maybe you'd like to live in a large city once you retire. Or maybe you're content with a small cabin in the woods. It's a good idea to narrow down your choices so you know how to budget accordingly.

You don't want to encounter any unpleasant financial surprises once your retirement kicks off. And setting up a budget in advance will help prevent that from happening. With a well-thought-out budget, you'll have a sense of what your various bills will cost so they don't catch you off guard.

Many retirees end up holding down a job in some capacity. If that's something you're interested in, now's the time to start planning for it. You can do so by building skills that lend to freelance work, or by networking within your industry so you're able to consult part-time later on.

ALSO READ: 2 Pitfalls of Working in Retirement You Should Know About

You don't want to retire only to wind up bored and unhappy. Now's the time to start thinking about how you'll spend your newfound free time in retirement. Maybe you want to travel. Or maybe you want to spend multiple days a week providing after-school care to your grandchildren. It's important to have a sense of how you'll occupy your time so that change doesn't come as a shock to your system.

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Presented by Motley Fool Stock Advisor
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!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Retirement can certainly be a big change. But it can also be a positive one. And if you take these key steps to prepare, you can set yourself up to enjoy your senior years without stress.

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