When you think about how long many people are living after retirement, 20-30 years, that's a lot of money needed. Looking at what your costs are now can make the financial seem impossible. But things are usually different after we retire. No more commuting to work, raising children (well, that never really stops!), and housing needs may change. Many people opt for moving to an area of the country with a lower cost of living and may be able to end up mortgage free. This is why thinking ahead helps with the financial issues.


The first thing to look at is the income you can expect from pensions, IRA's, 401k's, and Social Security. The Social Security Administration generally sends a statement yearly giving an approximate amount you can expect depending on what age you elect to retire. You can also go to their web site, http://www.ssa.gov/retire2 to get the answers to many questions you might have about the process and specifics about your situation.


Once you've done these things, the next step is to find out what other income you might need. There are several websites that can help with this: http://www.analyzenow.com

http://www.retireplan.about.com/od/planning101/index_a.htm

http://www.metlife.com:

http://www.2young2retire.com/

http://www.smartaboutmoney.org/nefe/uploadfiles/Late%20Savers.pdf

http://www.preretirementlife.com/html/main.cfm?page=index


You can also utilize the services of a financial planner. They may be available through your 401k or pension plan or you can find them through your bank or financial institution.


This can give you a start on making sound decisions for your future and may help in the amount of stress it generates. As always, using the EAP can be a good starting point in any important issue.