Top 10 Ways to Prepare for Retirement

The U.S. Department of Labor offers a list of the top 10 ways to prepare for retirement. The list includes:

• Know Your Retirement Needs
• Find Out About Your Social Security Benefits
• Learn About Your Employer’s Pension Or Profit Sharing Plan
• Contribute To A Tax-Sheltered Savings Plan
• Ask Your Employer To Start A Plan
• Put Your Money Into An Individual Retirement Account
• Don’t Touch Your Savings
• Start Now, Set Goals, And Stick To Them
• Consider Basic Investment Principles
• Ask Questions

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Read the DOL website as they expound on each point of the list.

They also offers some interesting facts:

• Today, only 42 percent of Americans have calculated how much they need to save for retirement.
• In 2005, of those who had 401(k) coverage available, 25 percent didn’t participate.
• The average American spends 18 years in retirement.

So, how do you know your retirement needs? Many websites offer retirement calculators that may help you determine how much money you need to retire.

Try out one of these calculators and then consult with your financial advisers for more specifics on your case.

• CNN Money Retirement Planner
• MSN Money Rtirement Calculator
• Bloomberg Retirement Planner
• AARP Retirement Calculator

You must be prepared and take control of your financial future in order to be secure in your retirement years.