Plan Ahead for Your Retirement

How much income do you think you'll need during retirement? Many people believe they'll need a lot less than before retirement because their homes won't be mortgaged, their children will be grown, or they will no longer have the expenses of working, such as commuting, clothing costs and daily lunches.

The reality, according to most financial planners, is that you'll probably need about 70% to 80% of your pre-retirement income after you retire. Have you thought about where that income will come from?

Maybe you haven't begun to save money for retirement because you think you have plenty of working years left — and, therefore, plenty of time to start saving. Or perhaps you're counting on Social Security benefits or your personal savings to provide you with retirement income.

If this is the extent of your financial plan, it may be time to cast your old assumptions aside and examine what steps you need to take to begin saving for your financial future.

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