Preparing for Retirement
A number of factors affect the amount of money you will need for a comfortable retirement. For most people, it's difficult to estimate unknown variables such as how long their retirement will last, how much Social Security they will collect, and what they will earn on their investments. While there is a certain amount of guesswork involved, there are tools that can help you determine your approximate income needs and set a reasonable savings target.
The closer you get to retirement, the more accurately you can forecast retirement expenses and income, and the more useful retirement planning tools become. If you're within 10 years of retirement, you should be able to determine with a reasonable amount of certainty how much money you're going to need and where it will come from.
This guide focuses on the financial aspects of retirement planning: determining income needs, identifying sources of retirement income, managing your investments, and enlisting the help of professionals. It can help you assess your financial resources and plan for a financially secure retirement.