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Making the Most of the Final Five Years Before Retirement

 

NATIONAL COUNCIL OF FIRST RESPONDER CREDIT UNIONS

RETIREMENT READINESS

Making the Most of the Final Five Years Before Retirement

A practical planning guide for first responders, credit union volunteers, employees, and their families

Five years before retirement is an important checkpoint. It is the time to confirm what you have saved, understand the income you can expect, and decide whether your retirement plans match the life you want to lead.

 

1. Review Your Retirement Savings

Start by taking a fresh look at your retirement accounts, personal savings, investments, and other assets. A retirement calculator can help estimate whether you are on track and show how additional saving during the next five years may strengthen your plan.

 

2. Identify Every Source of Retirement Income

List the income you may receive in retirement, including pensions, Social Security, retirement-plan withdrawals, investment income, and any part-time work you may choose to continue. Understanding when each source begins can help you build a more dependable monthly income plan.

 

3. Estimate What Retirement Will Cost

Create a realistic retirement budget. Include housing, utilities, food, transportation, insurance, healthcare, and taxes, along with travel, recreation, family support, and new hobbies. Compare this budget with your expected monthly income to see where adjustments may be needed.

 

4. Plan for Healthcare and Long-Term Care

Healthcare expenses can become a major part of retirement spending. Consider Medicare premiums, supplemental coverage, prescription costs, dental and vision care, and possible long-term care needs. Medicare generally does not cover extended custodial nursing care, and Medicaid eligibility may depend on income, assets, and state rules.

 

5. Review the Tax Impact of Retirement Decisions

Taxes can affect how much retirement income you actually keep. Review the potential tax treatment of pensions, retirement-plan withdrawals, Social Security benefits, investment income, and required distributions. Coordinating withdrawals may help your savings last longer.


Finalizing Your Retirement Plan

The final five years before retirement are not simply a countdown. They are an opportunity to test your assumptions, correct gaps, and make informed decisions while there is still time to adjust. Review your plan at least annually and after any major change in employment, health, family responsibilities, income, or financial markets.

A qualified fiduciary financial professional, tax professional, and estate-planning attorney can help you evaluate how your savings, income, taxes, healthcare needs, and legacy goals fit together. Your credit union may also offer retirement education, savings tools, or referrals that can help you prepare.

Five-Year Action Checklist

☐  Calculate an updated retirement-income estimate.

☐  Create a retirement budget using realistic monthly expenses.

☐  Confirm pension and Social Security benefit estimates.

☐  Review beneficiary designations and estate documents.

☐  Compare healthcare, Medicare, and long-term care options.

☐  Review taxes and the timing of retirement-account withdrawals.

☐  Meet with qualified advisors before making major decisions.

NCOFCU encourages individuals and families to begin retirement conversations early and to use trusted professional guidance when making financial decisions.

Educational information only. This material is not individualized financial, tax, legal, or investment advice.

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