Each and every day “fifty-something’s” throughout our nation come to the cold, hard and often sudden realization that not only is retirement, gulp, merely a decade or less away, but also that they are not as financially prepared for their golden years as they had hoped to be. Far too many middle aged Americans are approaching senior citizenship without any financial nest egg to speak of – an understandable concern for those intending to maintain the same standard of living they had prior to retirement.

If you are retired, or getting close to retirement, your goals are likely shifting away from asset and wealth accumulation. Now your needs are asset and wealth preservation and income generation. To achieve those goals and live the retirement lifestyle you want, you need to evaluate your financial resources in a very different way than you did during your working years.

For those in the worrisome predicament of having relatively little time to get their financial ducks in a row before retirement is upon them, here are five approaches for late retirement planning success and, as importantly, five distinct pitfalls to avoid:

Late Retirement Planning Strategies:

o Take stock. Assess where you are – financially speaking – right now. What is your current income? What are your current expenses? What assets do you currently have and what, if any, debt? This information is imperative for mapping out your financial future, as you won’t know where to go if you don’t know where you are.

o Dig deeper. Next, attempt to identify income-generating opportunities and potential risks you may face. How can you eliminate any debt as quickly as possible? Do you anticipate any major increases or decreases in income or expenses? Are there any specific medical issues to deal with and/or plan for?

o Forecast. Look ahead to where you intend to be based on your current path or plan. What can you count on in ten years? Will you have pension, Social Security and/or other income and, if so, how much? How much income will be needed from investments to cover living expenses and when?

o Develop a financial game plan. Discern what available investment vehicles will improve the likelihood of having the lifestyle you desire with the least amount of risk? What is the minimal amount of return on our investments necessary to attain your goals? If you can attain your goals without, or with very little, risk, why put your retirement funds in jeopardy to chase higher returns? The best plan will account for inflation and taxes while preserving principle.

o Pull the trigger. Once you have developed a solid financial game plan, implement those strategies ASAP and stay the investment course – with just 10 or fewer years until retirement, time “is” of the essence, after all, and looking for greener grass is a sure-fire hazard. Monitor your investments regularly to ensure all stays on track toward your goal.

Late Retirement Planning Pitfalls:

o Failing to make a plan. Any plan is better than no plan at all, even if it’s somewhat minimal and won’t necessarily get you where you had intended to be. In the end, it’s ultimately about survival, and having no retirement financial plan at all put your fate in the hands of others who may or may not share your same views on “quality of senior life”.

o Chasing the “golden carrot”. Chasing high returns at all costs, taking unnecessary risks, and speculating as opposed to investing – all sure-fire ways to watch your retirement dollars dwindle. Far too often we hear of those who lost their retirement nest egg and had to get back into the work force to survive. When done correctly, the high risk, high reward stock market is one good investment resource, but by no means should one put their retirement nest egg in that basket alone.

o Not foreseeing the unforeseen. Plan ahead for potential risks, such as high medical, insurance, prescription medication, and long term care expenses. Know what your options are with respect to Medicare and otherwise, which will be critically important once employer-based benefits are no longer available.

o Thinking a Will will suffice. Beyond the will, it’s also important to have a durable Power of Attorney to protect you from potential financial hardships of living probate. In addition, a Healthcare Power of Attorney and a Living Will can help you avoid heartache such as that publicly witnessed with the Terri Schiavo case.

o Going it alone. Those who have ten or less years before retirement and have not made any notable strides in securing their and their family’s, financial future should seek the advice of a credentialed investment expert who can create a solid and often custom-tailored financial plan. Optimally, choose a financial advisor with multiple designations who specializes in retirement-based investing and is expert at safely preserving, protecting and proliferating retirement assets.