I want to retire soon

If your retirement date is less than 10 years away, it’s a good time to start thinking about the transition from work to retirement. If you're like most people, though, you may be unsure about what your retirement will really look like. Now may be a good time to think about the lifestyle you want, and creating a retirement savings and spending plan to help you get there.

While some costs—like savings, taxes, and insurance—may decline in retirement, you may spend more on health care, travel, and entertainment. Where will the money come from? Social Security may cover some of your spending needs, but not all. That’s why taking advantage of your employer’s retirement plan is important.

Figure out your expenses

As you near retirement, make a detailed retirement budget to see how much money is needed to cover essential expenses such as food, shelter, and insurance, and see what can be covered by guaranteed income from sources such as Social Security or a pension.

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