Retiring in 2035? Here's What to Do With Your Savings Right Now.

If you're aiming to retire in 2035, you may be in an interesting place right now. It's too soon to begin the final countdown toward your workforce exit. And you don't want to prematurely check out mentally on the job. But it's also not too soon to start imagining what retired life looks like -- and how you'll pay for it.

To that end, now's a good time to assess your retirement savings and make strategic portfolio decisions. With a little under a decade to go, you have opportunities to make meaningful changes that could set you up for success. Here are some key moves to consider if you're about nine years away from retirement.

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1. Shift your focus from growth to balance

When you're in the process of accumulating retirement wealth, it's important to invest somewhat aggressively to grow your IRA or 401(k). But as retirement gets closer, your focus should be less growth-oriented and more centered on striking a good balance in your portfolio.

That doesn't mean you should start dumping stocks left and right. What it means is that in the coming years, it's wise to start shifting away from stocks and leaning toward stable assets like bonds that can generate returns for your portfolio without exposing you to undue risk.

That shift can be gradual, though. And with nine years, you have plenty of time to do it slowly and mindfully.

2. Take advantage of catch-up contributions

Once you turn 50, you're eligible to make catch-up contributions in an IRA or 401(k) plan. These could be an easy way to boost your retirement savings and shield a bit more income from the IRS (in the case of a traditional retirement plan).

Now one thing you should know is that if you're old enough for catch-ups in a workplace plan and your income is above $150,000, you'll need to do those catch-ups in a Roth 401(k). That means you won't get a tax break on your contributions.

However, Roth 401(k) contributions get to grow tax-free, and they also offer the benefit of tax-free withdrawals in retirement. Plus, they aren't subject to required minimum distributions, which gives you more flexibility.

3. Start thinking of an income and withdrawal plan

If you're about nine years away from retirement, it's clearly too soon to start tapping your savings. But that doesn't mean you shouldn't think about how to withdraw from your portfolio once you're ready.

A good starting point is to calculate your expected retirement income needs. Then, access your most recent Social Security earnings statement so you can get an estimate of your monthly benefit. You can do this by creating an account on SSA.gov.

Once you know what income you might need and what Social Security will pay you, you can see how much you'll need to tap your savings each year. Then, you can see what percentage that amounts to.

If you're under 4% of your savings balance, you're generally in good shape. But you may need to adjust your number if you're expecting a longer retirement than average.

So as an example, let's say you expect to need $6,000 a month in retirement to cover your bills, and Social Security will pay you $3,000 a month. That means you'll need $36,000 a year out of savings to bridge that gap. If you have a $900,000 portfolio or greater, you should be in reasonably good shape unless, for example, you're retiring at 55.

At that age, you may need a more conservative withdrawal rate to allow for a longer retirement. But if you discover that now, you'll have time to make tweaks as needed.

Even though 2035 isn't exactly right around the corner, it's important to plan carefully for a retirement that's under a decade away. These moves could set you up for a financially sound retirement so you're able to enjoy that period of life to the fullest.

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