10 Things To Do Now If You’re A Decade Away From Retirement

For most of your career, retirement planning may have felt like something you could always deal with “later.” But once you’re within 10 years of your retirement date, later is now.  

With only a decade to go, the financial decisions you make today will directly shape your retirement income, lifestyle, and overall financial security.  

High-net-worth individuals in particular face added complexity—balancing multiple retirement accounts, sophisticated investment strategies, and tax considerations that can make-or-break sticking the landing on a multi-decade plan. 

The good news: a thoughtful, evidence-based approach in the final stretch can put you on track for a secure retirement.  

Here are 10 things you should do now if you’re a decade away from retirement: 

1. Honestly Assess Your Situation 

Start by taking inventory of your financial future. Calculate your net worth by listing all assets—cash, investments, retirement accounts such as IRAs and 401(k)s, real estate, and other holdings—then subtract liabilities like mortgages, loans, and credit card balances.  

For high-net-worth retirees, this step also means reviewing more complex holdings such as private equity stakes, stock options, or concentrated stock positions. An accurate picture of your wealth provides the foundation for evaluating your retirement estimates, retirement benefit options, and investment strategy going forward. Be realistic about the value or risk of certain items as opposed to being overly optimistic. 

2. Project Your Future Expenses 

A decade out, it’s time to refine your retirement lifestyle expectations. While many retirees assume they’ll spend 70–80% of pre-retirement income, this rule of thumb often falls short for affluent households. Consider:  

• Travel and luxury spending in the early years of retirement.  

• Health care and insurance coverage, including premiums and out-of-pocket costs not covered by Medicare.  

• Housing decisions, from maintaining a current home to downsizing or adding a vacation property.  

Developing a realistic spending plan ensures you have the retirement savings to support both essentials and lifestyle goals. 

3. Run a Tax Projection with a Professional

Income tax doesn’t go away in retirement. In fact, it often becomes more complicated due to required minimum distributions, Social Security benefits, and investment income. Running a tax projection now helps you:  

• Optimize when and how to draw down from taxable, tax-deferred, and tax-free accounts.  

• Plan around retirement date income spikes, such as deferred compensation or stock option exercises.  

• Maximize charitable strategies such as donor-advised funds.  

High-income earners may also need to manage eligibility for certain deductions and avoid net investment income tax thresholds. Thoughtful tax planning today can extend the longevity of your retirement income tomorrow. 

4. Consider Partial Roth Conversions

If much of your wealth is in traditional IRA or 401(k) accounts, your future required minimum distributions could push you into higher tax brackets and reduce your net retirement benefit.  

A decade before retirement is the prime window for partial Roth IRA conversions. By strategically moving funds from a traditional IRA to a Roth IRA, you pay taxes now—often at lower rates than later—while creating a tax-free income stream for retirement.  

Spreading conversions over several years can minimize your annual tax burden while improving long-term diversification of retirement income sources. 

5. Maximize Retirement Accounts and Catch-Up Contributions

The IRS allows higher contribution limits once you turn 50, giving you the chance to accelerate savings. For example:  

• 401(k) plans offer catch-up contributions that can add thousands annually.  

• Traditional IRA and Roth IRA accounts have higher limits once you’re eligible.  

• If your company offers an employee benefits package with a pension plan or deferred compensation, revisit contribution elections.  

Your last decade before retirement often tends to be your peak earning years. Maximizing these opportunities not only boosts your retirement savings but may also reduce current income tax liability. Don’t miss out on key opportunities to minimize your lifetime tax liability.

6. Reduce Your Debt

Retirement is smoother without large liabilities. While many high-net-worth households have manageable debt, even low-interest loans can restrict flexibility in retirement. Focus on:  

• Paying down mortgages, especially if you’re considering downsizing.  

• Eliminating high-interest debt such as credit cards.  

• Strategically managing business or investment-related loans.  

Importantly, avoid tapping retirement accounts to pay off balances prematurely—withdrawals can trigger unnecessary penalties and reduce your future monthly benefit. 

7. Sharpen Your Retirement Budget

Budgeting in retirement isn’t just about limiting expenses—it’s about aligning your financial resources with your vision for the future. Develop a detailed spending plan that covers:  

• Core expenses such as housing, insurance coverage, and health care.  

• Discretionary goals like travel, hobbies, and philanthropy.  

• Contingency funds for long-term care or unexpected health benefits needs.  

Think of this as a blueprint for your financial security, ensuring that your retirement savings last across decades, not just years. 

8. Understand Your Health Care Options

Health care costs can be one of the largest expenses for retirees. A 65-year-old couple today may spend hundreds of thousands over their lifetime on health coverage, premiums, and long-term care. Key considerations include:  

• Medicare eligibility begins at 65, but it doesn’t cover everything. Evaluate supplemental policies for additional health benefits.  

• Review insurance coverage for dental, vision, and prescription drugs.  

• Explore long-term care insurance while premiums may still be affordable.  

• If retiring before Medicare eligibility, factor in bridge health coverage through COBRA or private markets.  

Building health care into your retirement planning ensures you’re not caught off guard by rising costs. 

9. Educate Yourself on Key Retirement Issues

The decade before retirement is a critical learning window. Staying informed helps you navigate:  

• Social Security benefits, including how claiming age impacts your monthly benefit and full retirement age eligibility.  

• Pension plan payout structures and survivor benefits.  

• Investment strategy updates, such as diversification and rebalancing.  

• Evolving tax laws that affect retirement accounts, income tax treatment, and estate planning.  

Reliable education—through books, reputable podcasts, or a trusted financial advisor—helps you cut through noise and make confident decisions about your financial future. 

10. Get Professional Advice

Perhaps the most impactful step is working with a fiduciary financial advisor who specializes in high-net-worth retirement planning. An advisor can:  

• Integrate your retirement accounts, pension plan, Social Security benefits, and investment strategy into one coordinated plan.  

• Run retirement estimates tailored to your goals.  

• Help you evaluate downsizing, part-time work, or other lifestyle decisions.  

• Provide guidance on income tax planning, estate planning, and legacy strategies.  

• As a fiduciary, you’re paying them to give sage advice in your best interest, not sell you a product. Working with a fiduciary (also known as fee-only) advisor will help build trust you’re in a good position, even if something were to happen to you. 

Even if you already have an advisor, the final decade is the time for more frequent reviews. The right professional advice helps turn a complex set of choices into a clear path toward secure retirement.  

Final Thoughts  

Retirement is no longer a distant concept—it’s a decade away. By tackling these 10 steps now, you’ll position yourself for financial security, predictable retirement income, and the freedom to live the retirement lifestyle you envision.  

Whether it’s managing Social Security benefits, maximizing retirement accounts, or ensuring the right health care and insurance coverage, preparation today sets the stage for a fulfilling tomorrow. And if you’re unsure where to start, partnering with a trusted advisor can give you the clarity and confidence to move forward.