Are you 5 years out from retirement? Here are the 5 things you can do to avoid running out of cash in your golden years

Core Insights - The final five years before retirement are crucial for financial preparation, transitioning from a long-term strategy to a more aggressive approach [1] - Many older Americans are unprepared for retirement, with one in five adults over 50 lacking retirement savings, and median savings for those in their 50s and 60s being $441,611 and $539,068 respectively [2][2] Group 1: Retirement Savings Strategies - The Secure Act 2.0 allows older workers to significantly increase contributions to 401(k) plans, with catch-up contributions of $7,500 for those over 50 and $11,250 for those aged 60 to 63 starting in 2025 [4][5] - Individuals in their early 60s can contribute a total of $34,750 this year, including employer matches, to accelerate their retirement savings [5] - Despite these provisions, only 16% of eligible employees utilized catch-up contributions in 2024, indicating a need for greater awareness and action among older workers [6] Group 2: Retirement Income Planning - It is essential to develop a comprehensive retirement income plan, focusing not just on savings but also on withdrawal strategies, such as the 4% rule [7]