Planning to Retire in 2030? Read This Before You Collect Your First Social Security Check.

If you're planning to retire at the end of this decade, you only have 60 months left to squirrel money away and plan how you will enjoy your golden years

As lovely as it sounds, entering the final lap before retirement can also be intimidating

At this point, it's all planning and -through

So for those this close to retirement, here's an overview of what you'll want to accomplish before leaving the workforce

Assess your financial situation Take a critical look at the current condition of your finances, including: Investments: Check how your investments are doing and determine whether you need to reallocate funds

For example, you may want to fine-tune your risk exposure, sell out of underperforming holdings, or move into dividend-paying stocks

Debt: Pay off high-interest debt, such as credit cards and personal loans

This will not only reduce your monthly expenses but also increase your chances of getting to do what you want in retirement

Create a post-retirement budget It may seem silly to plan for a future when you don't know exactly how much to budget, but do your best to estimate

Based on those estimates, build a post-retirement budget that you believe you can with

It may help if you: Do a lifestyle assessment: Consider the lifestyle you want in retirement

If you plan to spend time with family, visit friends, and enjoy plenty of fishing, your expenses will ly be lower than if you dream of traveling the world

The lifestyle you wish to lead will help inform your budgeting decisions

Identify necessities: Decide in advance which expenses are flexible

For example, healthcare costs may be fixed, but how much you spend dining out or buying gifts is flexible

Determining what you can without could make cuts a little easier if you have a particularly expensive month, or weak market conditions mean you don't want to take money from your retirement account while the value of your assets is down

Image source: Getty Images

Maximize contributions to retirement accounts Now is the ideal time to max out your contributions to retirement accounts

Once these five years have passed, you may not have another opportunity

If you haven't already, add an IRA to the mix

And if you have access to a health savings account (HSA), take full advantage of it

Un a flexible spending account (FSA), the funds in an HSA roll over yearly, allowing you to take what's left into retirement

Your final tab could be higher or lower depending on where you, the type of Medicare plan you choose, and inflation

One way to understand how much you'll pay for healthcare is to familiarize yourself with the different Medicare plans and the required out-of-pocket costs once you retire

Become an expert on what you can expect from Social Security Whether you're collecting retirement benefits based on your earnings, collecting survivor benefits, or claiming spousal benefits, create a free account at my Social Security

There, you can learn precisely how much you're currently eligible to receive and how much you'll be eligible for in five years

Don't go it alone If you're not already working with a financial advisor, consider finding one who is a fiduciary

A fiduciary is legally obligated to look out for your best interest rather than their own

For example, they can't steer you toward a specific investment only to gain a commission

You don't have to commit to a financial advisor, either

If all you need is an extra set of eyes to look at your portfolio, hire an advisor willing to work by the hour or for a flat fee

As retirement draws nearer, you undoubtedly have a lot to consider

Take your time, be strategic, and if possible, enjoy the cess

The Motley Fool has a disclosure policy.