There are many things to think about as you approach retirement. Experts recommend that you will require about 80 percent of your pre-retirement income to maintain your present quality of life. The specific amount depends on your individual needs. Some important factors to consider include:
At what age do you intend to retire?
Does your employer offer a retirement savings plan, for example, a 401(k) retirement plan, or pension plan?
When you retire, will your spouse also retire?
Where will you live after you retire? Do you own your home? Is your house fully paid? Will you downsize or rent?
Will you work part-time after retirement?
Consider your medical requirement and insurance. Will the coverage of your medical insurance change after your retirement?
Do you wish to go traveling or engage in new hobbies which might be costly?
Find practical tips for raising retirement savings.
To find the best age to claim your Social Security benefits, use a retirement calculator.
Find out the trade-offs between taking your pension in a monthly payment or in a lump sum.
On average, Social Security pays benefits are about 40 percent of your pre-retirement earnings.
Learn how you can increase your retirement savings at Investor.gov.
Tell to a financial advisor about your retirement plans.