Retirement’s Coming—Here’s How to Get Ready While There’s Still Time

At Peters Financial, we often hear this question: “Is it too late to catch up on retirement planning?” The short answer? No. Whether you're in your 50s or early 60s, there are still meaningful steps you can take to position yourself for a more secure and confident retirement.

While we always recommend speaking with a licensed financial professional before making decisions, here are some key areas to focus on as you approach retirement:

---

1. Get Clear on What You Have

Start by taking inventory of all your retirement accounts—401(k)s, IRAs, pensions, and brokerage accounts. This step is about gaining clarity, not judgment. Knowing where you stand can help guide your next moves.

If you’ve changed jobs over the years, don’t forget to track down old retirement accounts. A financial professional can help consolidate or align these assets with your current goals.

---

2. Maximize Contributions While You Can

Time may be limited, but one advantage you now have is access to catch-up contributions.In 2025, individuals aged 50 or older can contribute up to:

• $31,000 to a 401(k) (or $34,750 if you are ages 60 to 63)

• $8,000 to an IRA

  
  

These contributions can have a powerful compounding effect, especially if you’re still several years away from retirement.

---

3. Reduce Debt Strategically

High-interest debt—especially credit cards or personal loans—can strain your retirement cash flow.Look at ways to pay down balances while maintaining your savings progress.

In some cases, refinancing or consolidating may help, but it’s important to weigh the long-term costs with a trusted advisor.

---

4. Estimate Future Expenses (And Be Honest)

What do you want your retirement to look like? Consider:

• Healthcare costs

• Housing

• Travel or hobbies

• Family support or caregiving needs

  
  

Creating a realistic picture of future expenses can help shape your investment strategy, withdrawal plan, and even decisions about when to claim Social Security.

---

5. Understand Your Risk—and Adjust if Needed

As you get closer to retirement, preserving your wealth becomes more important.That doesn’t mean avoiding growth entirely—it means aligning your investments with your time horizon, income needs, and risk tolerance.

This is where a financial professional can help rebalance your portfolio in line with your retirement timeline and goals.

---

6. Create a Withdrawal Strategy

How you withdraw money in retirement matters just as much as how you save. A coordinated plan helps minimize taxes, protect your income, and ensure your savings last.

A common approach is to withdraw from taxable accounts first, then tax-deferred, then Roth—but your situation may differ.

---

7. Consider Long-Term Care Planning

While it’s not the most exciting topic, planning for long-term care can help you avoid draining retirement assets.Options include:

• Long-term care insurance

• Hybrid life insurance with LTC riders

• Self-funding with earmarked savings

  
  

Planning early can help keep costs manageable and options open.

---

Final Thoughts

Retirement planning in your 50s and 60s may feel like a race against the clock, but it doesn’t have to. With the right strategy, consistent action, and expert guidance, you can still build a plan that supports your goals and gives you peace of mind.

At Peters Financial, we help clients take proactive steps toward retirement, no matter where they’re starting from. If you're ready to build a retirement plan that fits your life, we’re here to help.

---

About the Author:

David Peters, CPA, CFP, ChFC, CLU, CPCU, CGMA, is the Founder and Owner of Peters Professional Education (petersprofessionaleducation.com) and Peters Tax Preparation & Consulting, PC. David Peters is also registered with the U.S. Securities and Exchange Commission (SEC) as an Investment Advisor Representative (IAR) with Peters Financial LLC. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States, and regularly contributes regularly to various professional publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures.

Required Disclosure:

The content presented above is for informational purposes only, is general in nature, and is not intended to and should not be relied upon or construed as a financial plan or financial/investment advice regarding any specific issue or factual circumstance.

Financial and investment advisory services offered through Peters Financial LLC. Brokerage and custodial services offered through Charles Schwab Co. Inc., member FINRA and SIPC. Peters Financial LLC and Charles Schwab Co. Inc. are not affiliated. David Peters also offers tax services through Peters Tax Preparation & Consulting, PC. Clients or prospective clients are never obligated to use Peters Tax Preparation & Consulting, PC. as part of any financial planning or investment management services offered by Peters Financial LLC.