Retirement Planning Crucial for Financial Security - Ask the Experts

Doing the Math for Retirement

Planning is crucial to feeling financially secure after you stop working

Q. I've heard all kinds of numbers thrown around when it comes to how much a couple needs in retirement. What's the truth? See also: A. It's different for everyone. You've got to sit down in advance and estimate as best as you can how much you'll need to live comfortably in , taking into account your age when you stop working, costs of the lifestyle you foresee, your Social Security benefit and other factors. You can do this on your own or with guidance from a financial planning professional. WIN-Images/Corbis Retirement planning offers peace of mind. To get started, visit a website that offers retirement planning resources. Such sites include the Choose to Save Ballpark E$timator, and the Ken McDonnell, director of the , says people who've done a retirement savings calculation tend to have higher savings goals than people who haven't. And doing the math can be good for peace of mind, says the nonprofit . People who've made a calculation are more likely than those who haven't to say they're very confident they'll have enough money for a comfortable retirement (26 percent vs. 11 percent). To raise awareness about the need to look ahead, the nonprofit , composed of more than a dozen retirement-oriented groups, has designated April 11-15 as "." Carole Fleck is a senior editor at the AARP Bulletin.

Related

Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

Close In the next 24 hours, you will receive an email to confirm your subscription to receive emails related to AARP volunteering. Once you confirm that subscription, you will regularly receive communications related to AARP volunteering. In the meantime, please feel free to search for ways to make a difference in your community at Javascript must be enabled to use this site. Please enable Javascript in your browser and try again.