The primary objective of retirement planning is to be able to maintain a comfortable standard of living after you are finished with your career. Achieving this goal can be quite a challenge, particularly if you wait too long to get started with your plans.
According to the most recent Transamerica Retirement Survey of Workers, 40% of boomers expect their standard of living to fall in retirement and just 18% of Millennials are confident about their retirement plans. If you're not sure where to start, you're certainly not alone. Here are six secrets to creating a winning retirement plan.
1. Take Stock of Your Situation
It's difficult to know where to begin if you don't know where you stand with regard to your retirement savings. One thing that you can do is estimate your social security benefits on the SSA.gov website. You can also register for an account on the site for a more accurate picture. There are also online retirement calculators that can help you determine how much you'll need to save each month to reach your desired goals.