Investing 5 Years from Retirement: How to Make the Most of Your Last Few Years

Retirement can seem like a faraway goal until all of a sudden, it's not. When you only have a few years left until you retire, the financial decisions you make take on a new importance. Once you're inside the five-year window, that's a good time to review your plan to make sure you're on track.

Timing Matters for Retirement Planning

Why the Last Five Years Before You Retire Are Critical

5 Years Until Retirement Checklist

Bottom Line

Retirement Planning Tips

Want to Retire in Five Years? What You Must Know

How Much Money Will You Need?

How Much Income Will You Have?

Doing the Retirement Math

Are You on Track or Off?

How Much Money Will I Need for my Retirement?

When Should You Reevaluate Your Retirement Plan?

What Is the Full Retirement Age?

The Bottom Line

6 Things to Do If You're Nearing Retirement

#1: Find out where you stand.

#2: Boost your savings, if you need to.

How much could you contribute in 2024?

#3: Plan ahead for Social Security.

Retirement ages for full Social Security benefits

#4: Consider tax-smart strategies now.

#5: Get a head start on future health care costs.

#6: Start thinking about retirement income.

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T. Rowe Price Personal Investor - Retirement Savings by Age: What to Do With Your Portfolio in 2024

Steps you can take at every age to put yourself in a stronger financial position.

Key Insights

Next Steps

Why now is the right time to review your portfolio.

Establishing Your Career: Ages 22-39

Why now is the right time to review your portfolio.

You're Age 35, 50, or 60: How Much Should You Have Saved for Retirement by Now?

1: Start Saving Now

2: Consider Saving in a Roth Account

3: Focus on the Growth Potential of Stocks

Middle to Late Career: Ages 40-59

1: Check Your Retirement Savings Progress

2: Consider Supplementing Savings With a Taxable Account

3: Maintain a Healthy Exposure to Stocks

Preparing for Retirement: Ages 60+

1: Assess Your Situation

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2: Consider Broadening Your Tax Diversification With Multiple Types of Accounts

3: Review Your Asset Allocation

You're Age 35, 50, or 60: How Much Should You Have Saved for Retirement by Now?

Disclaimer

Nearing retirement? The last 5 years before you retire are critical

File a claim

Action Teams

Contact support

Evaluate your retirement readiness

Keep contributing to your retirement accounts

Reassess your investment risk tolerance

Diversify the tax status of your assets

Seek professional guidance for the tasks ahead

More to explore

What retirement income sources can you count on?

Prepare for the 5 risks to your retirement savings

The 5 Years Before You Retire: Retirement Planning When You Need It the Most: Birken, Emily Guy: 9781440569722: Amazon.com: Books

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How to Structure Your Retirement Portfolio

Call

1. Set aside one year of cash

2. Create a short-term reserve

3. Invest the rest of your portfolio

Adapt your strategy over time

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