Whether you’re closing in on retirement age or have decades left in your career, the end of the year can be a fantastic time to double-check that your retirement plans are on track. Some aspects of retirement planning will depend on where you are in your journey.

People who are one year away from retirement may have different priorities than those early in their careers. That said, there are three moves that nearly every worker can make right now to prepare for the future.

Image source: Getty Images.

1. Check your estimated Social Security benefit

If you’ve been working and paying Social Security taxes for at least 10 years, you likely qualify for retirement benefits. Once you qualify for benefits, you can check your estimated benefit amount online — even if you’re still decades away from retirement.

To start, create a mySocialSecurity account online, if you haven’t already. From there, you can navigate to your statements, where you’ll see an estimate of your future benefit based on your real earnings. You’ll also see how your benefit will change depending on when you begin claiming, with different estimates for ages 62, 70, and your full retirement age.

Keep in mind that if you plan to work for many more years before taking Social Security, your benefit may change between now and retirement. But having at least a rough idea of what you’ll receive in benefits can make it easier to save accordingly.

2. See if you can max out your 401(k) or IRA

In 2024, you can contribute up to $23,000 per year to a 401(k) and $7,000 per year to a traditional IRA or Roth IRA. Maxing out your retirement accounts can give your savings a serious boost, especially if you’re saving in a 401(k) with a high contribution limit.

Those age 50 and older can save even more with catch-up contributions. Workers saving in a 401(k) can invest an additional $7,500 per year on top of the $23,000 limit, while those investing in an IRA can contribute an extra $1,000 per year.

Not everyone can afford to max out their retirement accounts, and that’s OK. There may even be times when it’s not wise to max out your account, like if you’re saddled with high-interest debt or don’t have a robust emergency fund. But if you have cash to spare, making those contributions now can be smart.

3. Double-check your retirement goals

The end of the year is a good time to take a broader look at your retirement goals, like the age at which you want to retire and how much you should save to retire comfortably. You may also look at factors like where you plan to live and how your retirement strategy will affect your spouse.

Some of these factors are more applicable to those nearing retirement age, but even younger workers should be calculating their retirement savings goals and thinking about the age at which to retire. While you don’t need to have every detail figured out right now, briefly checking in on these goals each year will make it easier to adjust your plans as necessary.

Planning for retirement takes decades, but small steps each year can go a long way. By checking in on your retirement journey regularly, you can set yourself up for long-term financial success.

The $22,924 Social Security bonus most retirees completely overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.

View the “Social Security secrets” »

The Motley Fool has a disclosure policy.