Everyone wants to be comfortable and happy in their golden years. It isn’t impossible, though. You’ll need to figure out the steps required to turn your dream into a reality. If the answer was no, this article can help.

75 Percent

TIP! Start saving early and continue saving until you reach retirement age. You may have to start small, but that is perfectly okay.

Find out how much money you will need to retire. 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. Lower-income earners may need as much as 90 percent.

Start saving early and continue saving until you reach retirement age. It does not matter if the amount is small; you should save today. When you make more money, you can increase the amount you save. An interest-bearing account will result in greater earnings, as your money will grow over time.

Just about everyone looks ahead excitedly to retirement, particularly if they have worked a long time. They believe retirement will be a wonderful time when they can do things they could not during their working years. This can be true;however, if you ever wish to do the things you have always wanted, you must plan carefully.

TIP! Get to contributing to your 401k regularly and make sure your employer match is maximized if you have that option. The 401k is going to let you put back some pre-tax money and that means you can save a little while not affecting your paycheck too much.

Think about retiring part-time. Partial retirement lets you relax without going broke. This can mean working at your current career part time. Once you are more financially set, you can move into complete retirement.

Use the extra time you have during retirement to increase your fitness level. Your entire body gains from your efforts to stay fit. Working out during retirement will make this time more enjoyable.

Do you feel forlorn due to your lack of retirement planning? You still have time to do something about it. Check your finances and decide how much you can afford to save each month. If that amount isn’t very high, don’t fret. Even saving a little bit is better than saving nothing at all. The sooner you begin to save, the better off you’ll be down the road.

TIP! Are you feeling overwhelmed because you haven’t started saving yet? It’s not too late, even now. Take a look at your spending.

Understand the retirement plan at your company. If there is a 401k available, get yourself signed up and start contributing. Meet with a financial planner to find out how to make the most of employer plans along with ones that you can initiate on your own.

Consider waiting a few extra years to take advantage of Social Security income if you can afford to. By waiting, you will increase your monthly allowance, and this can make it easier to remain financially comfortable. This will be easier to do if you can still work, or if you have other sources of retirement income.

When you are about to retire, downsize. You can use this money in the future. The best laid plan run awry, so even your carefully planned retirement could hit a snag. Things like unexpected medical bills can throw a monkey wrench into even the best-laid plans.

Health Plan

Consider opting into a health plan for the long haul. Health tends to get worse over time. Poor health can cost a lot in the future. With a long term health plan, your health care needs will be met in a facility or even at home if your health deteriorates.

Set goals for the long and short term. You need goals in order to save money and for making important life decisions. When you sit down and think about the amount of money that will be necessary later, then you will have better control over how to save it now. Try to have savings plans for the week, month and year.

TIP! Wait as long as you can to take your Social Security income. By waiting, you will increase your monthly allowance, and this can make it easier to remain financially comfortable.

To get a good feel for how much money you should be saving for retirement, plan the money you need based on money you spend now. You will need approximately 80 percent of your current income to maintain your lifestyle. Just take care that you do not spend all the extra money while enjoying your extra free time.

Make friends with other retirees. This will allow you to enjoy your retirement years more. You can engage in a number of fun activities with this group of friends. As an added bonus, you have a support network of like-minded individuals.

Decreasing your expenses will go a long way toward your retirement nad making money last. Even though your home may be paid for, it can be expensive to take care of a large home in terms of landscaping, repair, maintenance and utility bills. Try moving to a condo, townhouse, or small home. Downsizing can save you money, limit the maintenance costs and allow you the freedom to travel.

TIP! Downsizing when retiring can help you save money that may help you later on. Although you may feel like you have everything figured out, you never know when a financial emergency will occur.

All of these ideas are designed to assist you in your retirement dreams. Don’t forget to actually apply the tips you’ve learned here today. Comfortable retirement begins with planning now.