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READY FOR RETIREMENT

5 Steps to Get You
Ready for Retirement

  • Get to the retirement you want.

    Retirement means many things to many people – maybe you want to volunteer, just spend time gardening, pursue that dream career or even travel the world – it's never too late or too early to work on your plan. Taking the right steps now will get you to the retirement you want down the road.

    Just follow this simple guide. You'll find quizzes, interactive seminars, articles, tips and hints to help you get there.
    • Question Mark Icon Quizzes
    • Desktop Icon Webinars
    • Book Mark Icon Articles
    • Calculator Mark Icon Tools
  • Step 1

    What Does Retirement Mean To You?

    Write your retirement objectives down, listing the most important goals first. For now, don't focus on budget – focus on ideas, and be as specific as you can. This is an opportunity to figure out what retirement really means to you. It's also important to stay on top of medical issues to keep your retirement plans on track.

    Get ahead of the curve with these useful resources

  • Step 2

    Set Your Social Security Baseline

    For many of us, Social Security is the most important part of our retirement picture, and deciding when to claim is a big decision. Working a little longer and delaying your claim will provide a much more secure retirement for life. Weigh the pros and cons of working longer, and get comfortable with your decision. The next steps will focus on filling income gaps that Social Security doesn't meet.

    Additional Social Security resources

  • Step 3

    Figure Out the “Topline”— How Much You'll Need to Save.

    Funding your retirement means looking at your overall financial picture. Look at how much you have in the bank, what you bring home each month, your savings rate and the size of your retirement account. Then plug those numbers, along with your estimated Social Security benefits, into AARP's free Retirement Calculator. This will help you identify your savings goal.

    Tips for assessing your finances and
    boosting your income

  • Step 4

    Close the Gap Between Income and Expenses

    Now that you know how much income you can count on each month and how much you need to live comfortably in retirement, it's time to figure out how to plug any holes. Start by designing a budget, cutting costs, and using your savings to pay off debt and - if possible - to buy an annuity to provide guaranteed income for life. Think about what skills, hobbies and passions you could turn into a second career - an encore career - that could help you pad your income.

    Make budgeting easier with these tips and tools

  • Step 5

    Make the most out of AARP's resources.

    Now that you've got a plan and worked some numbers, there's plenty more you can do. AARP offers many helpful webinars where you can get answers straight from the experts. There's also a free financial publication for most situations, all with a handy “to-do” list. Take a look at some of these resources.

    More answers from AARP experts

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AARP is a nonprofit, nonpartisan organization that helps people 50 and older improve the quality of their lives.