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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.


Life is full of choices, and how to spend money is one of the most frequent, and personal, choices we make every day.

Kid with money bags

Choosing between needs and wants and identifying what holds the most value can be a daunting task. In the Spending section, you will find information to help you identify how you spend your money on what is important to you, and how that will impact your ability to save and invest.