It’s a phrase that’s become cliché as we’re constantly reminded of the 76 million baby boomers fast approaching retirement age. However, it’s repeated ad nauseum because it’s true – there’s no better time than now to start ensuring yourself of a solid financial future.

As retirement looms closer, the possibilities can leave many people overwhelmed and uncertain about where to start.

The enormity of the baby boomer generation has changed how we have to prepare for each stage in life and retirement planning is no different. Individuals that understand and plan ahead prior to leaving the workforce will have many more options available to them when the time does come.

The following are five important financial considerations to address prior to retirement:

• Set a Goal – Just saying that you are “retirement planning” is too broad. What do you envision yourself doing when you retire? For some that means still working part-time, volunteering, starting a new career from home, going back to school, traveling the world or a myriad of other options. A clearly defined goal of what “retirement” means to you helps to set the rest of your planning in motion.

• Plan for your health – While we can never fully predict what will happen to us as we age, we can be reasonably sure that our health expenses will rise significantly over time, and you need to plan accordingly. Identify what your health care plan covers and what additional coverage you should seek. Plan for family trends and likely health outcomes so that the financial burden associated with each scenario does not add frustration to your health situation.

• Plan for your beneficiaries – Create a will, choose a guardian if needed, and select who will manage your estate.

• Determine a Location - Consider if you need or plan to downsize, relocate or remain in your current residence. How does that change your financial future? What financial gains will you realize from this change, or what costs can you expect to occur?

• Define the “now” and the “future” – Work with a financial consultant to help clearly define all of your assets and possible income sources, and understand how a retirement plan will help provide you with income during your retirement years. Together you should research product strategies that will generate a retirement-income stream and meet regularly to discuss and make any course corrections.