With many older adults continuing to work well into their 80s, the days of socking away money until reaching a leisurely retirement have changed. Today, “retired” seniors continue to pull in paychecks and are likely to contribute to retirement savings plans even as they pass retirement age.

Entering into your 50s – or even 60s – is the right time to really focus on building retirement assets, say financial experts. Often, someone at, say age 55, is at the height of his or her earning potential and has children who are out on their own. Using the extra money once spent on your children to beef up retirement savings can be a great way to plan for a career change; by saving more now, you can plan on working at what you love later – even if it doesn’t pay as well.

A Second Career
Even if you plan on working at another job – whether part time or full time – after retiring from your current career, you should plan as though you are not, financially speaking. Visit a financial planner, update your long-term savings and investment plans and set a retirement date, says Ron Avey, division manager at Wichita, Kan.-based Waddell and Reed.

That way, even if you continue working once you retire from a long-time career, you won’t have the added stress of wondering if you’ll be able to pay the bills.

Track Your Expenses
The first step in planning your financial future is to take stock of what your expenses are currently. “Most people don’t really want to lower their lifestyles during retirement,” Avey says.

For an accurate estimate, think about the lifestyle you plan to have during retirement. Will you travel? Have a vacation home? Take up an expensive hobby? Keep in mind that some costs, such as medical prescriptions, are likely to increase, and some costs, such as those associated with working, are likely to decrease or go away altogether.

Get Professional Help
Once you have an estimated budget on paper, choose a retirement date – the exact day you plan to leave your traditional career, regardless of whether you plan to work part time afterward.

Then, meet with a financial planner. A qualified professional can help you determine if what you have saved – or plan to save – will see you through retirement. A financial planner can help you determine what your assets will be worth and estimate how long your retirement assets are likely to last during your life expectancy.

If it appears you’ll fall short of your goals, consider increasing your retirement contributions to 15 percent or more of your income.

Once you have reached the ages of between 50 and 60 it is a good time to evaluate your investment portfolio. “It’s important to make sure you have well-diversified, well-thought-out investments,” Avey says.

Fine-tune Your Finances
As you enter your 60s, continue to fine-tune your projections and your asset allocations. Obtain an estimate of your Social Security benefits from the Social Security Administration based on your expected retirement date.

Now also is the time to start thinking about how you'll receive your retirement assets. Will you take a lump sum distribution or an annuity? Because the order in which you withdraw your funds can have a significant impact on taxes, it may be wise to consult a tax advisor or financial planner before making this decision.

And if you continue working during your “retirement” years, continue to save about 10 percent of your income. It’s a great way to safeguard against unexpected expenses.

Planning wisely will allow you to enjoy a relatively stress-free retirement and a transition to a new career regardless of pay. You've earned it.

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