Entering your 50s and behind in your retirement planning goals? Don’t fret. You’ve still got time to get your financial plan back on track.

For those in or near retirement, the age of 70½ is a key transition point: Retirees need to begin planning for required minimum distributions (RMDs) that are taken annually from employer-sponsored retirement plans and traditional IRAs.

The truth is there is ample motivation to make the most of retirement planning opportunities.

Detailed budgeting, frequent monitoring of income and expenses, and prompt action to address potential cash flow problems are essential elements of financial planning for retirees.

Calculating a retirement savings goal is one of the most important steps investors can take to help determine if they are on pace to meet that goal. However, most American workers haven’t tried to figure out how much money they will need to accumulate for retirement. What about you?