9 Money Moves to Make This Month To Strengthen Your Retirement

If you have a solid retirement plan before you leave the workforce, you're much more likely to enjoy your golden years. However, proper planning takes time and research. 

Here are some money moves you can make to strengthen your retirement, whether you are nearing it or already in it.

Boost your retirement contributions

If you're still working and have a few years before retirement, increasing your contributions can go a long way in helping you add to your nest egg. The best time to boost your retirement contributions is when you get a raise or a bonus. 

However, you'll be surprised that even increasing your contributions by one percent has very little impact on your paychecks, but a significant contribution to your compound interest over time.

Take advantage of catch-up limits

If you're over 50, take advantage of catch-up contributions. Catch-up contributions are additional money that you are allowed to contribute to your 401(k) on top of the maximum of $24,500. 

Those over age 50 are eligible for an $8,000 catch-up, and if you're between the ages of 60 and 63, you can make a $11,250 super catch-up contribution. These catch-up contributions are meant to be a final push towards topping off your retirement account before you stop working for good.

Check mid-year whether a Roth conversion makes sense

If you're newly retired but still under the Required Minimum Distribution (RMD) age, you may be in a lower-income window. These lower-income years could be a good time to complete a Roth conversion. 

However, since everyone's financial situation is so different, it's best to consult with a financial advisor or accountant before doing so.

Review your asset allocation

Many people set up their 401(k) and then forget about it. However, the closer you get to retirement, the more important it is to review your asset allocation. 

Most financial experts recommend making your asset allocation more conservative as you near retirement. It's also important to regularly review your allocation even after you stop working.

Build a substantial liquid cash buffer

If you withdraw money from your 401(k) during a market downturn, it can negatively impact your nest egg for many years to come. 

Having money to use when you don't want to sell investments can help you to preserve your nest egg. Some financial experts suggest an 18- to 24-month emergency fund, mostly because in retirement, you're living on a fixed income.

Explore qualified charitable distributions

A Qualified Charitable Distribution (QCD) allows you to donate to a charity right from your taxable IRA account, instead of withdrawing money and writing a check. This is a helpful way to donate because the withdrawal won't be a part of your taxable income. 

In 2026, you're allowed to give $111,000 to charity using QCDs, and you have to be at least 70 1/2.

Review Social Security and Medicare enrollment timelines

Many people don't realize that if you forget to sign up for Medicare and miss the enrollment window, you have to pay penalties. 

Additionally, even though you can start getting a Social Security check as early as 62, your check will be larger if you wait. 

So, take the time to review your Social Security and Medicare enrollment timelines, and make sure to add important dates to your calendar.

Research multiple withdrawal strategies before choosing one

There are several different withdrawal strategies to consider when deciding the best way to use your retirement funds. One option is to use the 4% rule, which means you withdraw 4% of your retirement account during your first year of retirement and then adjust for inflation after that. 

Another option is the bucket strategy, which is best for people with multiple types of retirement accounts who want to minimize their tax liability.

Consult with a financial advisor if you need help

If you feel like you need help making sure you're ready for retirement, consulting with a financial advisor can help. 

A financial advisor can look at your accounts, help you determine the best withdrawal strategy, and recommend ways to minimize your tax liability. Additionally, a professional accountant can also help make suggestions about ways to lower your taxable income in retirement.

Bottom line

If you want to have a stress-free retirement one day, you can make the right moves to strengthen your financial position. These include taking advantage of catch-up contributions, making a withdrawal plan, and working with a knowledgeable financial planner. 

Ultimately, having a secure retirement comes down to proper planning. Whether you're nearing retirement or already in it, having a plan can go a long way in helping ensure you protect your hard-earned investments.

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