After you have spent years working hard, it may seem unreal when retirement is coming up. But even though you have worked hard until this point, this is not the time to start coasting. If you want to retire in the next several years, taking these steps can help you ensure you have enough to retire comfortably.

Consolidate Existing Debt

If you have debt, evaluate your options. If you still owe a mortgage on your home, you may be able to make higher payments each month, so you don’t owe as much once you have retired. If you have credit card debt, you might look to options to help you pay it back. A common way to deal with different types of debt is by taking out a personal loan to pay it back. This method means you will reduce monthly payments to one, which can simplify your finances quite a bit. But before you apply for one, you might wonder how do personal loans work? To answer this, you can review a guide with more information on what you should know.

Ensure You Are Making Diversified Investments

As you get closer to retirement, you may be tempted to avoid stocks altogether because of the risk they hold. However, because of the high potential for growth, it is still important to take advantage of them. The key here is to diversify your portfolio with a mix of mutual funds, stocks, and bonds. These can be tweaked to better fit your tolerance for risks, as well as the amount of time you have left. This is the perfect time to look at different income sources because that allows you to make any necessary adjustments to your plans. Balancing out your portfolio can help you better weather changes in the market and ensure there are enough funds for a long retirement.

Take Advantage of Any Catch-Up Contributions

If you can, try to increase the amount you are contributing to the maximum your retirement accounts allow. You should already be maxing out any match your employer offers. If you are 50, you may be allowed to contribute an additional amount to your plans to catch up. The closer you get to retirement, the more you may want to consider combining multiple retirement accounts of the same type. If you have multiple IRA accounts, you could combine them with one financial institution. This makes it easier to manage your portfolio, and it gives you one snapshot of your total savings. You’ll also want to see if you have multiple 401(k) accounts with other employers.

Calculate Estimated Income in Retirement

Estimate the amount of income you might receive from different sources during retirement. Income sources could include pension plans from an employer or Social Security income. Ask yourself whether the amount from your savings accounts will be enough to cover the lifestyle you envision yourself living. Considering all possible sources of income right now gives you enough time to adjust plans or expectations.

If you feel you will need more money, you could work longer at your current job, reduce expenses now, or plan on working part-time during your retirement. Estimating expenses during your golden years can help with this calculation. Healthcare expenses will likely be higher later in your life. On the other hand, housing and commuting costs could decline, especially if you plan on downsizing your home. But if you are hoping to travel, you will need to factor that in as well.

Determine Where You Want to Live

The place you want to retire in will largely impact expenses. Living in an expensive location will drain your savings faster, even if you have your mortgage paid off. Food and transportation will cost more in some areas than others. Selling an expensive home and purchasing a condo in a different state could reduce your expenses quite a bit. This could give you enough money to pay for other things that are more important to you, such as travel to a location you have always wanted to see. But you may want to be close to family and friends so you can get the help you need, and this might put you in a more expensive state.