Out in the cold, you’ll be thankful for the provisions you’ve brought along. In retirement, you’ll understand why it was so important for you to save early on. The sooner you begin your financial planning, the better off you will be. Social Security replaces about 40 percent of the average worker’s pre-retirement earnings, but most financial advisors say that you will need 70 percent or more of pre-retirement earnings to live comfortably. You also will need other savings, investments, pensions or retirement accounts to make sure you have financial security to live comfortably when you retire. Visit the Ballpark Estimator for tips to help you save.
You’ll find it at www.choosetosave.org/ballpark.
Use our online library of publications as your trail map or guidebook to help you when it comes to planning for retirement. Check out When To Start Receiving Retirement Benefits. It and many other useful publications can be found at www.socialsecurity.gov/pubs.
As you mush, mush, mush toward retirement, remember that it’s not about the destination, but all about the journey. Spending a little time to prepare along the way will make all the difference when you cross the finish line into retirement.