As you get closer to retirement, you’ll need to make some key decisions that can have a big impact on your financial security.

Assess your progress. You may have been saving for retirement for years, but now you can start to focus more clearly on your goals. Estimate your retirement expenses and any income from a pension or Social Security. Then, determine the amount of savings you’ll need to fill in any gap. See the Retirement Security Builder Calculator at www.icmarc.org/education.

Add more to tax-advantaged savings. If you’re 50 or older, you can contribute an extra $6,000 to your 457 plan in 2019, and an extra $1,000 to your IRA. Learn more at www.icmarc.org/contributionlimits.

Make key decisions about Social Security. You can start receiving Social Security benefits as early as age 62, or you can wait up to age 70. Your benefits will be reduced if you start receiving payments before your full retirement age (between age 66 and 67 for people born in 1943 or later), and they’ll increase by 8 percent for every year you wait after that until age 70. Estimate your benefits at www.ssa.gov/retirement.

Start planning for Medicare. You can sign up for Medicare at age 65, but you’ll still have some out-of-pocket costs. Most people pay $135.50 per month in 2019 for Part B, which covers doctors’ services, and you’ll have to pay for deductibles, co-payments, and prescription drugs, unless you have retiree coverage. You can fill in the gaps with a Medigap policy plus Part D prescription drug coverage or sign up for a Medicare Advantage plan that provides both medical and drug coverage.

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