Your 40s and 50s are the time to build on the financial success of your early adult life or make a course correction if you got off to a less than ideal financial start. Planning for retirement becomes much more of a focus—as do unexpected changes like caring for an aging parent or facing a major medical event. Here are a few priorities we think are critical to finding financial success in your 40s and 50s.

Focus 1: Plan seriously for retirement

A general rule of thumb is that by the time you’re in your 50s, your retirement assets should total eight times your annual salary. One tip is, as your children age and childcare costs decline, redirect that money to your retirement savings accounts. And be sure to increase contributions to your account as your salary increases. Consider whether a Roth Conversion makes sense; converting from a traditional IRA to a Roth IRA is a long-term tax minimization strategy. Review your retirement investments to ensure they’re still appropriate for your goals.

At age 50, you can begin making a “catch-up contribution” to your 401(k) plan. Workers 50 and older can contribute an additional $6,000 per year toward retirement over the $18,500 contribution limit.

In addition, if you haven’t done so already, integrate your retirement planning with investment planning. Evaluate your investments as compared with your written investment objectives and determine if your portfolio is balanced. You likely have a different risk tolerance now than you did in your 20s and 30s; reassess and make changes to asset allocations where necessary. Your financial adviser can help you analyze your portfolio and ensure that your financial plan is up to date.

Finally, plan for your health and well-being leading up to retirement. Review your Health Savings Account contribution and make adjustments as necessary. Check to see whether your Flexible Spending Account has a carry-forward option or if you must use or lose it. Establish or review your life insurance, long-term care and disability insurance plans and review your insurance deductibles to see if any changes are needed.

Focus 2: Grow savings and reduce debt

You don’t want to face retirement with a mountain of debt, so your 40s and 50s are the time to accelerate paying it off, whether that’s your mortgage or an auto or boat loan. At the same time, now’s the time to grow your savings. Major medical events, the need to care for an aging parent and divorce are more common during this stage of life—and each may require you to tap into your savings.

The decision between debt reduction and savings can be overwhelming. Take a look at your income and expenses to evaluate what can be adjusted. Identify all sources of current income and organize all expenses, monthly and annually. It’s a good idea to use a resource to help, such as Quicken or a budget book. Evaluate your spending and cut any unnecessary expenses, reallocating the money toward savings. Save more and spend less of bonuses or other influxes of cash.

Work with an adviser to identify ways to reduce your taxes. Plan charitable contributions that can help reduce your tax burden, such as direct gifts, indirect gifts and split-interest gifts. Plan tax-free gifting of up to $15,000 per individual or $30,000 for married couples. A good option is using tax-free gifting to fund or contribute to a 529 plan.

Focus 3: Protect your financial legacy

Not to make you feel older than you really are, but now’s the time to begin planning for what you’ll leave behind. If you haven’t already, work with an attorney to establish a will, noting the beneficiaries, executor and the guardian of your children. Calculate your net worth and determine ownership of assets to help figure out the amount of potential estate tax your beneficiaries will be required to pay. You may not think of yourself as having an “estate”—but you do: That includes your home, car, checking and savings accounts, life insurance and other personal possessions.

Many people are surprised to know that even if you’re a millionaire, federal estate taxes don’t automatically apply to you—but your state might charge estate taxes (Washington does). And life insurance proceeds are often included as part of your taxable estate. Even though your life insurance policy may pass to your heirs tax free, the proceeds can be included in your taxable estate. If your spouse is the beneficiary, this isn’t a concern, but your children or other beneficiaries could be impacted. Life insurance trusts are a workaround, but they come with their own complications, so it’s good to discuss the pros and cons with a trusted adviser. The sooner you start planning, the better.

Your 40s and 50s are a critical time in your financial life. While the days are long, the years are short. By making consistent progress toward your financial goals and with careful planning during the next phase of your life, you may control your quality of life during retirement years – enjoying the yield of your efforts!