There are many more phases to retirement than the day you quit working. Here are six retirement planning timeline milestones to consider.

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Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.

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Retirement may seem like a distant dream for some, but the truth is that planning for your retirement should start as early as possible. By taking the time to create a retirement planning timeline, you can ensure that you are financially prepared for the next stage of your life. In this article, we will outline six key milestones in the retirement planning timeline that everyone should be aware of.

1. Early Career: In your 20s and 30s, retirement may be the last thing on your mind. However, this is actually the best time to start saving for retirement. Contribute to your employer-sponsored retirement plan, such as a 401(k) or IRA, and take advantage of compound interest. The earlier you start saving, the more time your money has to grow.

2. Mid-Career: As you progress in your career and your income increases, it’s important to reassess your retirement savings goals. Contribute more to your retirement accounts if possible, and consider diversifying your investments to minimize risk. This is also a good time to evaluate your retirement goals and adjust them if necessary.

3. Late Career: In your 50s and 60s, retirement is right around the corner. Take stock of your retirement accounts and estimate your retirement income needs. Consider increasing your retirement savings contributions and explore catch-up contributions if you’re behind on your savings goals. It’s also important to evaluate your healthcare and long-term care needs for retirement.

4. Pre-Retirement: As you approach retirement age, it’s time to fine-tune your retirement plan. Calculate your retirement income sources, such as Social Security benefits, pensions, and investment income. Create a withdrawal strategy for your retirement accounts and consider any potential tax implications. It’s also a good time to review your estate plan and make any necessary updates.

5. Retirement: Congratulations, you’ve reached retirement! Now’s the time to put your retirement plan into action. Start withdrawing from your retirement accounts according to your withdrawal strategy. Consider how you will manage your healthcare expenses and any potential long-term care needs. It’s important to also stay on top of your finances and adjust your plan as needed.

6. Later Retirement: As you enjoy your retirement, continue to monitor your finances and make adjustments as necessary. Keep an eye on your investment portfolio and consider rebalancing your assets if needed. Stay informed about any changes in tax laws or healthcare policies that could impact your retirement finances.

Overall, creating a retirement planning timeline and hitting these milestones can help ensure that you have a financially secure retirement. By starting early, staying proactive, and being flexible as your retirement approaches, you can set yourself up for a comfortable and enjoyable retirement. Remember, it’s never too early or too late to start planning for retirement.