10 Financial Planning Steps to Take Within 10 Years of Retirement

2. Maximize retirement plan contributions.

3. Review Social Security.

4. Plan for retirement health care needs.

5. Take inventory of all financial resources.

• Income streams, like Social Security, a pension, a payout from selling their business, or payments from a severance arrangement after accepting a buyout from an employer.
• Retirement plans, like Roth or traditional IRAs; employer plans such as a 401(k), 403(b) or 457 plan; deferred compensation plans; SIMPLE IRAs; SEP-IRAs; and Solo 401(k)s.
• Taxable investments, like individual stocks and bonds, ETFs and mutual funds.
• Other assets, including an interest in a business, employment or self-employment income, an inheritance or life insurance death benefit, real estate or alternative investments.

6. Review all company benefits.

7. Run some projections.

8. Poke holes in their retirement planning.

9. Formulate a withdrawal strategy.

10. Review their estate plan.