Hey Lykkers! So, you're on the final lap—less than a decade until you cross the retirement finish line. That mix of excitement and nervousness is completely normal.

You've been contributing to your pension for years, but now it's time to shift from autopilot to active captain.

Think of the next 10 years as your "financial pre-flight check." You wouldn't board a long-haul flight without the crew ensuring everything is in order, right? Let's do that for your pension. Here are 8 crucial things to do right now.

<h3>1. Get Your Official Pension Benefits Statement—Today!</h3>

Don't rely on old estimates or assumptions. Contact your pension plan administrator and request your most recent benefits statement.

This document is your truth north. It will show your projected monthly income, your vesting status, and any early retirement reductions. The National Institute on Retirement Security stresses that understanding your exact accrued benefit is the non-negotiable first step in planning. Is the number what you expected? This is your reality check.

<h3>2. Run the "Lump Sum vs. Monthly Payment" Simulation</h3>

This is one of the biggest financial decisions you'll ever make. A lump sum gives you control and flexibility but comes with longevity risk (the risk of outliving your money). A monthly payment (annuity) offers a guaranteed paycheck for life.

Use online calculators and, crucially, consult a fiduciary financial advisor to model different scenarios based on your health, family history, and other income sources.

<h3>3. Conduct a "Test Run" Budget</h3>

How will your pension income actually feel in your daily life? Before you retire, try living on your projected post-retirement budget for 3-6 months. Include your estimated pension, Social Security, and investment withdrawals.

This real-world experiment, recommended by certified financial planners (CFPs), is the most effective way to spot cash flow problems while you still have time to adjust your savings rate.

<h3>4. Master the Social Security & Pension Tango</h3>

If you have a pension from a job where you did not pay Social Security taxes (like some government positions), your Social Security benefits might be reduced due to the Windfall Elimination Provision (WEP). Understanding this interaction is critical.

The Social Security Administration website has detailed information and calculators to estimate the impact. Don't get blindsided.

<h3>5. Solidify Your Health Insurance Bridge</h3>

For many, retiring before 65 (Medicare eligibility) means finding health insurance. This can be a massive, unexpected expense. Research your options now: will you use COBRA, your spouse's plan, or the Affordable Care Act marketplace?

A study by Fidelity Investments estimates that a 65‑year‑old couple retiring today may need approximately $315,000 to cover healthcare and medical expenses throughout retirement (excluding long-term care). Planning for this gap is essential to ensure financial security.

<h3>6. Aggressively Pay Down High-Interest Debt</h3>

Entering retirement with credit card debt, personal loans, or a large car payment is like trying to swim with weights on. Your pension is fixed income; you don't want a chunk of it going to interest payments. Make it a primary goal to eliminate high-cost debt before your paycheck stops.

The Consumer Financial Protection Bureau (CFPB) highlights that reducing fixed expenses is a key to retirement financial resilience.

<h3>7. Revisit Your Investment Portfolio's "Risk Level"</h3>

This is your last chance to make meaningful adjustments. The classic strategy is to gradually "de-risk" your portfolio. This doesn't mean moving everything to cash. It means shifting some growth-oriented assets into more conservative, income-producing ones to protect the nest egg you've spent decades building.

This is known as the "glide path" approach to retirement investing.

<h3>8. Document Your "Where Is Everything?" Map</h3>

You know your finances, but does your spouse or partner? Or what if something happens to you? Create a simple document that lists all your accounts: pension contacts, bank accounts, investments, insurance policies, and passwords for key online services. This act of organization is a gift of clarity and reduces stress for your loved ones.

The final decade isn't a time to panic, Lykkers. It's a time for empowered, deliberate action. By tackling this list, you’re not just planning for retirement—you’re architecting your peace of mind.

Now, which of these steps are you tackling first? Share your progress with us.