TIP! Determine your exact retirement costs. It has been proven that most folks needs at least 3/4 of their current income to enjoy a comfortable retirement.

Do you have parents that retired and managed to live in comfort? If they did, what steps did they take to prepare? Have you been following in their footsteps? If you have not, you should begin your research now and use the following advice.

TIP! Many people look towards their retirement with anticipation, especially after working for many years. They think retirement will afford them the opportunity to do everything they couldn’t do when they were younger.

You need to figure out what exactly you think your retirement will cost you. Studies show that the average American requires at least 75 percent of their normal income to survive during retirement: that’s 75 percent of the salary that you are earning right now. Workers that don’t make too much as it is may need about 90 percent or so.

TIP! Think about retiring part-time. Partial retirement may be a great option if you do not have a lot of money saved.

Do not spend money on things that you do not need. Jot down your expenses and consider where you can make some cuts. Over the span of several decades, expenses add up and getting rid of a few can return a lot of your income.

TIP! Have you not been saving for retirement? Does this leave you feeling overwhelmed? It’s never too late. Look at your finances and come up with an amount that you can put away each month.

Begin saving now and keep on doing so. Even if you start small, you can save today. Increase your savings as your income rises. When your money is accruing interest, you’ll be ready for the future.

TIP! Many people think they will have plenty of time to do everything they ever wanted to after they retire. But, it is amazing how quickly time begins to fly.

Many people are excited about retiring, especially when they’ve worked a long time. They look forward to relaxing and doing all those things they have put off for most of their lives. This is partially true, but it requires thorough planning to live that kind of life.

Partial Retirement

TIP! Set short-term and long-term goals. If you want to save money, you must have a goal.

Think about partial retirement. If you are not able to fully retire, consider doing a partial retirement. This means that you should work where you already do but just part time. This will allow you to continue to bring in some income, while beginning retirement, which can always be expanded upon in the future.

TIP! Have you dreamed of starting a small business? You can start a small business that you always dreamed of. This situation comes with low stress levels, since the retiree does not have to depend on the income to live on.

Retirement will free up a lot of your time. Use it to get in shape! You need strong bones and a strong cardiovascular system, both of which can develop through exercise. Take time to participate in regular workouts so that you can stay healthy and enjoy retirement for a long time.

TIP! Are you age 50 or older? Consider playing “catch up” with your IRA. Typically, you can save a maximum of $5500 annually in your IRA.

Postpone collecting Social Security if you are able to do so. This will increase the money that you get per month. It is simple to get his done if you’re able to work still and can get money from other retirement places.

TIP! Seek out friends that are retired, too. This will allow you to enjoy your retirement years more.

It’s important to downsize your monetary needs as you get closer to retirement, because you will need as much money as possible to get by during retirement. You may be saving, but anything can happen between now and retirement time, and you need as much money as possible! Medical expenses or a number of other unexpected bills could really cramp your retirement style if you’re not prepared for them.

TIP! Do not depend on Social Security to cover your cost of living. While they will provide you with 40% of what you make now, it costs more than that to live.

Today’s world is much different than your parents’. This mean you’re going to have to learn what it takes to retire in this kind of environment. This article has served as a strong foundation for you. If you want to have a great life, you have to work for it!