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After many decades of working and making sacrifices, you can finally see retirement appearing on the horizon.  The years leading up to retirement, on the other hand, are not ones to sit back and relax and hope it all pans out. Instead, you should be doing all you can to ensure that you have everything you need to lead an enjoyable and financially comfortable retirement. Taking a thorough look at your income and any assets you own well in advance of your intended retirement date allows you to make any adjustments. 

Obviously, you have to have an idea of the type of lifestyle you want after you retire. Perhaps you won’t quit working entirely and will either work part-time or volunteer. Others may choose to travel the world in pursuit of their dreams. Whatever direction you choose, you must ensure that you have the financial capital to sustain it, which is what we will look at here.

Diversify your income and investment opportunities

Stocks and shares clearly carry considerable risks, and it can be tempting to avoid this type of investment when you begin to scale back as you approach retirement.  However, the growth that stocks can provide can be favorable, so do your research and find out how to buy stocks. Consider keeping a diverse and well-balanced portfolio of stocks, shares, mutual funds, and other properties, as a diverse and well-balanced portfolio will help you withstand economic downturns and potentially produce enough income to sustain you through a long retirement.

Make use of retirement savings accounts

Increase your retirement contributions to the maximum sum allowable in your IRA, 401(k), or other retirement plans, if possible. Try to have enough money in your 401(k) to qualify for any maximum matching contributions your employer can make. Consolidate your accounts as you approach retirement age to simplify your money management and give you a better understanding of what retirement assets you have in place. It could also be worth merging IRAs of the same kind with one institution and checking any 401(k)s you have with previous employers.

Work on reducing your debts

Before you reach retirement age, begin accelerating your mortgage payments so that the debt is paid off earlier rather than later. By paying in cash for large transactions, you can avoid incurring new credit card debts. You will reduce the amount of your retirement income spent on interest payments by reducing current debts and restricting new ones.

Cut out frivolous spending

Most of us spend money on frivolous items, and while once in a while it is fine, doing it regularly means you have less to spend in the future. Those takeaway coffees, excess TV subscription packages, and snacks from the office cafeteria all add up. If you can cut those out, try to do so. 


When it comes to retirement planning, it is never too late to begin. It will seem to be a distant thing when it is a decade or more away, but it will catch up with you. Careful preparation and setting specific goals when time is on your side will help you reach the retirement you’ve always wanted.