The 10-Year Countdown to Retirement: A Step-by-Step Planning Guide

Retirement may feel like a distant milestone, but once you’re within 10 years of it, the countdown is real. These final years are critical for setting yourself up with the income, security, and freedom you’ll need to enjoy the next chapter of life. At AlphaTrust, our Total Financial Management approach helps clients move from accumulation to preservation with confidence and clarity.

Step 1: Define Your Retirement Vision

Retirement isn’t just about stopping work—it’s about building a new lifestyle. Do you want to travel, downsize, start a business, or spend more time with family?

Action Step: Write down your vision. A clear picture of what you want drives smart financial decisions.

Step 2: Assess and Strengthen Your Finances

Understand where you stand today. Review assets, debts, income streams, and expenses. Then, take action to shore up your position.

Action Step:

• Max out retirement contributions, including catch-up contributions if you’re 50+.
• Pay down high-interest debt and work toward being debt-free before retirement.
• Reassess insurance coverage to ensure you’re protected against risks.

Step 3: Fine-Tune Your Investments

Your portfolio should evolve as you approach retirement. Too much risk can jeopardize your nest egg; too little growth leaves you vulnerable to inflation.

Action Step: Rebalance your portfolio toward a more conservative mix, while keeping enough equities for long-term growth. Work with an advisor to align your strategy with your timeline and goals.

Step 4: Build a Retirement Income Plan

Knowing how to turn your savings into a sustainable income stream is critical. Social Security, pensions, investments, and annuities all fit into the puzzle.

Action Step: Map out when and how you’ll draw from each source. Plan for taxes, healthcare costs, and required minimum distributions. Test your budget by living on your projected retirement income for a few months.

Step 5: Finalize and Transition with Confidence

As retirement nears, it’s time to lock in your plan and make sure nothing is overlooked.

Action Step:

• Meet with your advisor to finalize income strategies, tax planning, and estate documents.
• Simplify accounts, consolidate where appropriate, and consider downsizing assets.
• Shift your mindset from accumulation to preservation and distribution.

The last decade before retirement is about sharpening your strategy, reducing risk, and ensuring your money supports the life you’ve worked so hard to build. At AlphaTrust, our Total Financial Management process covers every angle—investments, taxes, insurance, estate planning, and cash flow—so you can step into retirement with confidence.