When you're 58, 60 or 63, retirement starts to feel less like a distant goal and more like a series of important decisions ahead of you. When should you retire, how much income will you need, and where will that income come from? How should you think about Social Security, your 401(k), cash, investments and taxes? These are just a few of the decisions ahead of you, and putting the right plan in place today can help you feel more confident and excited about what comes next.

One of the most helpful things you can do as you approach retirement is get a good idea of how much income you may actually need each year. That number can be tough to pinpoint, especially while you’re still working and your lifestyle may change once you retire, but you don’t need to know it down to the dollar. Having a reasonable target to zero in on can be incredibly helpful, because from there, many of the other retirement decisions start to fall into place.

As you get closer to retirement, it’s worth taking a fresh look at your investments and whether they align with the income you’ll eventually need. Many people are invested in target-date funds or mutual funds, while our strategy takes a different approach by focusing on financially strong companies with a history of paying and growing their dividends. Understanding the differences can help you determine whether your current investments are positioned for the retirement you envision.