You can't retire with security unless you prepare for it. The average American spends 18 years in retirement. That means facing up to reality, and beginning to take action for tomorrow as well as today. The U.S. Department of Labor recommends some important ways you can take immediate steps toward planning for a financially secure retirement. Know your retirement needs.
Retirement is expensive.
Estimate how much you will need to maintain your standard of living when you stop working. Find out about your Social Security benefits. If your employer offers a pension or profit sharing plan, ask for an individual benefit statement to see what your benefit is worth. Learn what benefits you may have from previous employment. Find out if you will be entitled to benefits from your spouse's plan.