4. Review Your Investment Portfolio

Regularly reviewing your investment portfolio is crucial to ensure it aligns with your financial goals and risk tolerance. As you approach retirement, you may want to gradually shift towards more conservative investments to preserve your capital. This might involve moving more of your portfolio into bonds and less into stocks. A financial advisor can provide personalized advice based on your circumstances.

5. Plan for Your Children’s Education

If you have children, planning for their education is crucial. Consider contributing to a 529 college savings plan, which offers tax advantages for education expenses. However, remember to balance this goal with your retirement savings. While it’s important to support your children’s education, you also need to ensure you’re saving enough for your own future.