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Financial Tip

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.

Investing

How can you make your money grow, or appreciate for long term financial goals?

Money farmer

Investing is a way to save money for something you want many years away like a home, college education or retirement. Investing is a long term activity. In the Investing section, you will find information to help you understand how investing is different than saving, and how your money can work for you.