What Do I Need To Do If I’m Retiring In a Year?
Retirement doesn’t start on your last day of work.
It starts with the decisions you make before that day arrives.
The final year before retirement is one of the most important financial planning windows you will ever have.
It’s when small adjustments can have an outsized impact on taxes, income, healthcare coverage, and long‑term security.
If you’re planning to retire soon, this checklist walks through the most important steps to review so you can transition with confidence instead of uncertainty.
Table of Contents
- What Should Be in My Retirement Plan Before I Retire?
- Should I Increase Retirement Contributions Right Before Retiring?
- How Do I Create a Realistic Retirement Budget?
- When Should I Start Taking Retirement Withdrawals?
- When Is the Best Time to Claim Social Security?
- Do I Need Life Insurance After Retirement?
- How Do I Plan for Healthcare Before Medicare Starts?
- Should I Plan for Long‑Term Care Before Retiring?
- What Medical Benefits Should I Use Before Leaving Work?
- Is My Estate Plan Ready for Retirement?
- Should I Change My Housing Before Retiring?
- Do I Need a Financial Advisor Before I Retire?
What Should Be in My Retirement Plan Before I Retire?
Before anything else, your retirement plan should clearly define what retirement looks like for you.
This includes more than just a date on the calendar.
It means understanding how you plan to spend your time, how much income you’ll need, and whether your spouse or partner is retiring at the same time.
Your plan should account for:
- Your target retirement date
- Expected lifestyle expenses
- Travel, hobbies, or part‑time work
- Whether income needs will change over time
Clarity here matters because every other decision builds on these assumptions.
Should I Increase Retirement Contributions Right Before Retiring?
The year before retirement can be an excellent opportunity to boost savings, especially if your income is higher than usual.
If you’re over age 50, you may be eligible for catch‑up contributions that allow you to contribute more to:
- 401(k) or 403(b) plans
- Traditional or Roth IRAs
- Health Savings Accounts (HSAs)
Increasing contributions not only strengthens your retirement cushion, but can also reduce your taxable income in your final working years.
How Do I Create a Realistic Retirement Budget?
One of the most common retirement mistakes is assuming spending will naturally drop.
In reality, many retirees spend more early in retirement due to travel, activities, and lifestyle changes.
At the same time, income becomes more structured and less flexible.
A strong retirement budget should:
- Separate fixed and discretionary expenses
- Account for inflation
- Reflect healthcare and insurance costs
- Be flexible enough to adjust over time
A realistic budget helps protect your assets and avoid withdrawing too much too soon.
When Should I Start Taking Retirement Withdrawals?
How and when you withdraw money in retirement can be just as important as how you invested it.
Different accounts are taxed differently, and withdrawing in the wrong order can increase taxes unnecessarily.
A thoughtful withdrawal strategy considers:
- Taxable vs tax‑deferred vs Roth accounts
- Required Minimum Distributions (RMDs)
- Timing withdrawals to minimize tax brackets
- Coordinating withdrawals with Social Security
Planning this ahead of time can preserve your portfolio and reduce lifetime tax exposure.
When Is the Best Time to Claim Social Security?
Claiming Social Security is one of the most permanent retirement decisions you’ll make.
You can begin benefits as early as age 62, wait until full retirement age, or delay until age 70 for increased payments.
Each option has tradeoffs, so it’s important to understand:
- How benefits fit into your income plan
- Whether delaying improves long‑term security
- Spousal and survivor benefit considerations
- How claiming timing affects taxes
Social Security should complement your retirement strategy, not dictate it.
Do I Need Life Insurance After Retirement?
Many employer‑provided life insurance policies end at retirement, which can leave gaps if coverage is still needed.
Life insurance in retirement may still play a role if you:
- Have a spouse who depends on your income
- Want to cover estate taxes or final expenses
- Plan to leave a legacy
- Use insurance as part of a tax or charitable strategy
A review before retirement ensures you aren’t over‑ or under‑insured.
How Do I Plan for Healthcare Before Medicare Starts?
If you retire before age 65, there may be a gap before Medicare eligibility begins.
Planning ahead helps you avoid coverage lapses and unexpected costs.
Options may include:
- COBRA coverage
- Marketplace insurance plans
- Spouse’s employer coverage
- Private insurance
Healthcare planning is highly personal, and costs can vary significantly depending on timing and health needs.
Should I Plan for Long‑Term Care Before Retiring?
Long‑term care is one of the biggest unknowns in retirement planning.
Without preparation, extended care needs can quickly erode savings.
Evaluating options early allows you to:
- Understand potential costs
- Explore insurance solutions
- Plan for home care or assisted living
- Protect your retirement income and estate
Planning ahead provides flexibility and peace of mind.
What Medical Benefits Should I Use Before Leaving Work?
Before retiring, it’s smart to use benefits you’ve already paid for.
This may include:
- Annual physicals and screenings
- Dental and vision care
- Prescription renewals
- Flexible Spending Account balances
Once employer coverage ends, costs may increase or access may change.
Is My Estate Plan Ready for Retirement?
Retirement is an ideal time to review your estate plan.
Key documents should reflect your current wishes, assets, and beneficiaries.
This includes:
- Wills
- Powers of attorney
- Healthcare directives
- Beneficiary designations
A well‑coordinated estate plan helps ensure your wishes are honored and reduces stress for loved ones.
Should I Change My Housing Before Retiring?
Your housing needs may change in retirement.
It’s worth considering whether your current home:
- Fits your budget long‑term
- Meets accessibility needs
- Aligns with lifestyle goals
- Requires ongoing maintenance you want to manage
Some retirees downsize, relocate, or explore renting to increase flexibility.
Do I Need a Financial Advisor Before I Retire?
The year before retirement brings many interconnected decisions around income, taxes, healthcare, and risk.
A fiduciary financial advisor can help you:
- Coordinate all moving pieces
- Stress‑test your plan
- Avoid costly mistakes
- Adjust strategies as conditions change
Having guidance during this transition can make the difference between uncertainty and confidence.
Preparing for Retirement With Confidence
The final year before retirement is not the time to guess.
It’s the time to clarify, organize, and align every part of your financial life so you can step into retirement with control and peace of mind.
At Concenture Wealth Management, we help individuals navigate this transition with personalized planning, thoughtful strategy, and ongoing support.
If retirement is on the horizon, schedule a call with our team to build a plan designed for the life you’re about to begin.
