Looking forward to retirement?

Get a clear understanding of your financial resources and take steps to protect your nest egg before you retire. Retirement means different things to different people, some look forward to pursuing new interests, while others just want time to relax.

Whatever the future holds, one thing is certain — a secure retirement requires careful planning. Taking some time to envision how you’d like to spend your time during retirement will help ensure that you enjoy your later years. After you have established your general retirement goals, determining how your financial resources will be invested and later used can help ensure a comfortable retirement.

Financial planners estimate that during retirement, you will need 80 – 100 percent of your current income to maintain the same standard of living. The exact amount will depend on your lifestyle choices. If you want to move closer to your children, for example, and real estate is very expensive in that area, your living costs could be substantially higher. Often, people underestimate how much they’ll need to cover future health care and long-term care costs. If you are younger than the traditional retirement age these estimates may not be reliable.

Planning for your retirement is complex and may require considerable time and effort. Your local community college may offer retirement planning classes. Or you can talk to a professional financial planner or tax advisor you trust; one who is trained in the details of various financial vehicles appropriate for retirement saving. He or she also can help you assess how much you’ll need for retirement and give you tips for accumulating that money. If the company you work for has a benefits specialist or pension administrator, they can probably help you better understand your retirement funding options.

Taking a realistic look ahead and planning carefully will help ensure that your retirement years will meet your expectations.