Are you approaching retirement? If so, it’s time to review your plan and figure out if it will work for you or not.

The Wall Street Journal (WSJ) recently offered some tips for those hoping to retire in the next five years. While there’s time, ask yourself the following questions.

Do you have prepaid or discounted legal services through your job?

According to the WSJ, one of the biggest regrets clients have in retirement is that they did not take advantage of this type of plan when they had the chance. If it’s available, use it to have a will and trust drawn up.

How much income will you need to retire the way you want to?

Calculate what you spend now. That might mean keeping a record of every dime you spend for a few months so you’ll have a baseline. Then make a rough retirement budget and adjust your current spending to what you expect to have at retirement.

Do you plan to travel and still be able to pay your bills? Are you going to work part-time or pursue a second career?

By making a retirement budget and comparing it to what you spend now, you can know what adjustments and lifestyle changes you’ll have to make after you stop working full time.

Where do you want to live?

Do you plan to stay put, downsize or relocate?

If you plan to move to a condo, what fees should you expect to pay? Compare that to what you are paying now for upkeep on your home, and possibly for homeowner association dues.

If you expect to move to another state, what will the differences be in state personal income tax, property tax and sales tax? State and local taxes can vary widely.

Several states do not charge personal income tax at all, and in other states, property taxes are oppressive. On the other hand, some states have such affordable property tax that you’ll find you can afford a bigger house than you expected. Find out before you make your decision.

What are the costs to move, and the closing costs of buying a new residence?

Will you have a mortgage?

WSJ suggests it might be a good idea to refinance your mortgage while you are still working. Interest rates are low, but may head higher. If you can’t pay off your home before you retire, consider refinancing now to reduce your payments to a level that will be easier to manage on retirement income. Remember, you’ll have your mortgage interest tax deduction to offset your taxable interest income.

What car or cars will you need?

You’ll want your overhead to be as low as possible once you retire, so it’s best to avoid car loans. If you must finance a car, arrange for payments you can handle on your retirement income. If you hope to upgrade your vehicle in retirement, it might be best to do it now while your income is higher. Also consider whether you’ll need two cars or if one will do. If one is enough, you can sell the other and tuck away the money or upgrade the vehicle you keep.

What will your taxes be in retirement?

Of course, nobody knows what the tax rates will be, but here are some points you can anticipate. If you’re contributing to a 401(k) plan, you are likely getting a healthy tax break for that. But once you stop contributing and start collecting, the tax situation flips. You no longer have a deduction, and the distributions you get will be taxable. Whoops! Many retirees fail to realize that.

You might be able to avoid that harsh reality by moving some funds now into a Roth 401(k) or Roth IRA. You will pay the income due on those funds now, but your future earnings will be tax free. Plus, if you believe taxes will rise in the future, you can save by getting the tax bite over with now. Conversions can be complex, so don’t attempt them without the help of your tax adviser.

Also, if you currently have a mortgage but plan to sell your home or pay off the mortgage before retirement, keep in mind you will lose a significant tax deduction.

What is your health insurance situation?

Will you keep the benefits you have through your employer? Of course, you won’t be able to qualify for Medicare until you are 65, and even then you will need to cover significant out-of-pocket costs.

Sit down with your financial adviser to look at what you have and what employer policies, if any, you can keep. Be sure to use your current health benefits while you have them for elective visits like dental and optometry.

How is your money currently invested?

If you’re five years from retirement, you may want to shift some of your money away from growth stocks, which carry more risk, and towards something more conservative, such as income investments.

But don’t move all of your money. If the market grows, you’ll want to have some skin in the game. Even this close to retirement, you still need some diversity in your investment portfolio.

What’s your game plan?

It’s easy to put off thinking about retirement until after you retire. Too many people don’t think it through, and then end up spending their days on the couch, watching “The Price is Right.” Take some time to consider potential hobbies, cultivate new friends, or reconnect with old ones. Lay the foundation for what you’d like to pursue in retirement, so when the time comes, you can step right into Chapter Two. That might mean keeping your eyes open for a good deal on equipment you will need for retirement hobbies or other pursuits.