The decade leading up to your retirement is one of the most critical periods for retirement planning. There are a number of financial planning issues to consider during this time period to help ensure a financially secure retirement for you. Prepare a retirement spending plan
This is the time to take a hard look at how you plan to spend your time in retirement and how much your desired retirement lifestyle will cost. This can encompass a lot of things including your housing. Will you stay in your current house or perhaps downsize? Will you relocate to another part of the country? You should also consider the types of activities you will be doing in retirement. Perhaps you will be doing a lot of traveling. This is the time to look at what you think you will be spending in retirement and to equate that to a monthly spending budget. Maximize your retirement plan contributions Much has been written about the benefits of contributing as much as possible to your retirement plan, such as a 401(k), as early as possible. This allows workers to take advantage of the miracle of compounding over a long period of time. The decade leading up to retirement are also important years to maximize your retirement plan contributions. For many of you these will be your peak earnings years. Money contributed to your 401(k), 403(b), a self-employed retirem …