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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.

Saving

An important step toward financial independence is identifying short term and in the long term goals, then creating a financial plan to achieve those goals.

Saving money for college

Saving is important to help accomplish short term goals, it creates a cash reserve should a large and urgent expense arises. In the Saving section, you will find information to help you identify ways to build and sustain good saving habits.