The income you need to retire comfortably can vary widely depending on the retirement lifestyle you choose. In general, you will need 70% to 80% of your current annual income each year you are retired to maintain your current lifestyle. Here are some things to consider as you plan your retirement budget:

• Consider reducing or eliminating debt.
• Plan how and when you are going to take distributions from your employer's retirement plan or IRA.
• Review the potential costs of medical and long-term care insurance.
• Account for any dependent support expenses you may have, including elder care.