After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish between when you’d like to retire and when you actually can.

Ultimately, you want to know where you stand. Have you saved enough to retire comfortably? Is there more you can do to maximize your income? What about healthcare and taxes? Will your children be taken care of?

Joel Johnson, CFP® joins Better Money Boston with WCVB Channel 5 to share some of the top considerations to keep in mind when assessing your preparedness for retirement.

Your Lifetime Income Need

Taking a long-term view of the rest of your life can be overwhelming, but it’s crucial when evaluating your income needs in retirement. Instead of fixating on how much income you need the day you retire, or even the first year, expand your thinking to what might happen one, two, or even three decades down the road.

Healthcare, inflation, and taxes are all expenses to consider when planning for a lifetime supply of income. A solid income strategy will account for rising costs by adjusting the income you’ll need over the course a 20- to 30-year retirement.

Catch-Up Contributions

If you’re looking for some extra cash to put away for retirement, there are incentives available to help build up your savings. Once you turn 50, you can begin making tax-advantaged catch-up contributions through your 401(k) or 403(b) retirement plan. The catch-up contribution limit for 2025 is $7,500 for those 50 and over who participate in these plans. However, if you’re 60, 61, 62, or 63, you can benefit from a higher catch-up contribution limit of $11,250 per year.

Legacy Planning

What you leave behind after you’re gone can be just as important as what you have during your life. Legacy planning allows you to clearly communicate your wishes and dictate how your assets are distributed. Whether you choose to leave money to children, grandchildren, or an organization you care about, having a plan in place can help ensure you’re transferring those funds in the most tax-efficient manner.