Are you approaching retirement? For many, this decade will be an important time to start thinking about their financial future. According to the United States Census, by 2010, the oldest baby boomer hadn't reached 65 years of age. Since then, almost 10,000 boomers a day have passed that age threshold. By 2030, all boomers will be at least 65 years old. Here are three steps you can take now to help ensure a comfortable retirement.

1. Review Your Retirement Plan

Review your 401k retirement plan and other retirement savings. Make sure you're on track to reach your goals and consider consolidating accounts to simplify things. A 401k retirement plan is a great way to save for your golden years. Make sure you're contributing enough to get the full employer match if one is offered. This is free money that you don't want to miss out on.

You should also review your investment options and make sure your portfolio is diversified. This will help reduce your risk if one type of investment performs poorly. You can automate your contributions, so you don't have to worry about forgetting to save each month. Make sure to also increase your contributions as you get closer to retirement.

2. Consider Post-Retirement Income Sources

Start thinking about how you'll generate income in retirement. There are a few different options to consider, including working part-time, drawing down from investments, or using a combination of both. You may also want to consider downsizing your home or moving to a smaller town where the cost of living is lower. This can help reduce your expenses in retirement.

Drawing down from investments can be another option for generating income in retirement. This involves withdrawing money from your 401k retirement plan, IRA, or other investment accounts. However, you'll want to make sure you don't withdraw too much and run out of money.

3. Develop a Budget for Post-Retirement

Make a budget for retirement. Once you know how much income you'll have coming in, you can start planning how to best allocate your resources. Make sure to account for essential costs like housing, food, and healthcare. You'll also want to factor in leisure activities and travel.

Retirement can be a great time to finally take that dream vacation or indulge in a new hobby but it's important to make sure you can afford it. Start by creating a budget and sticking to it. Reach out to Tulsa Capital Investment Management LLC for financial planning assistance.