As retirement moves closer, your focus on that goal is likely to intensify. Here are a few things you may want to think about during the transition to retirement.

Use Tax Deferral to Your Advantage

At this stage, you won’t want to overlook opportunities to maximize your retirement savings. You can begin making extra “catch-up” contributions to your individual retirement account each year once you reach age 50. Certain employer-sponsored plans (e.g., 401(k) plans) also may permit catch-up contributions. If you own a small business or have self-employment income, explore your retirement plan options. You may find one that would allow you to save more in a tax-advantaged manner.

Free Up Assets

Expenses — both anticipated and unanticipated — are a fact of life after retirement, just as they are before it. Consider keeping some assets in accounts that are highly liquid and easily accessible to minimize the possibility of having to sell stocks or other investments when the market is down.

Consider Location

One of the most important planning decisions you may make is where you’ll spend your retirement. Your choice can have a significant impact on your taxes as well as how much money you’ll need to cover your living expenses and leisure activities.

Think About Work

“Downsizing” to a job that allows you to work from home — no matter where home is — may be your career goal as you near retirement. Planning early for such a move is essential.