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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.


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.