The closer you get to retirement, the more important your finances become. Although you will retire with a HOOPP pension, it’s still important to have a clear sense of how you will make the transition to life after work. Here are some tips to help you sharpen your plan as retirement comes into focus.

• Your home may be only a part of your retirement plan. As home prices have risen over the years, many Canadians are expecting to sell their homes to help them pay for retirement. If you are thinking about downsizing, be sure to consider taxes and fees that could impact your nest egg more than you thought.

• Prepare for the unexpected. Consider how your retirement plan may be affected if you’re not able to work because of an illness or if you have to pay for a surprise repair to your home or vehicle. Having a flexible plan can help you prepare for life’s twists and turns.

• Reduce your debt. As you approach retirement, reducing debt will help you weather any storms that come your way. Whether it’s on your credit card, a line of credit, or your mortgage, do your best to reduce and eliminate what you owe before your last paycheque.

In your 50s you have a clearer idea of what you want and what matters most. Make sure your financial plan reflects this.