Everyone wants to have a comfortable retirement. It isn’t impossible, though. Do you know all it takes to ensure your retirement is a happy one? If you don’t, keep reading to learn how.

TIP! Try to determine what your expenses will be like once you retire. Studies that have been done state that the average person needs about 75 percent of what they normally make today in order to survive retirement.

Start your saving early, and continue it until you retire. Even if you need to being in a small way, start saving as soon as possible. If you get a boost to your income, boost your savings. An interest-bearing account will result in greater earnings, as your money will grow over time.

Look at the savings plan for retirement that your employer offers to you. Most companies offer a 401(k) plan that you can enroll in. Learn what you can about that plan, how long you must keep it to get the money, and the amount you need to contribute.

TIP! People who have worked long and hard eagerly anticipate a happy retirement. They think that retiring is going to be a great time when they are able to do whatever they wish.

Try to wait a couple more years before you get income from Social Security, if you’re able to. By waiting, you will increase your monthly allowance, and this can make it easier to remain financially comfortable. If you can still work some during retirement or you have other fund sources to pull from, retirement will be easier.

Go over your retirement portfolio no less than once quarterly. Rebalancing more often will leave you vulnerable, emotionally, to any market swings. If you rebalance less frequently, you may miss an opportunity to invest in something with good growth. Work with a professional to find the right places to put your money.

TIP! Think about a partial retirement. If you are not able to fully retire, consider doing a partial retirement.

When you are about to retire, downsize. You can use this money in the future. You may think you have your finances all figured out, but stuff happens. Things like unexpected medical bills can throw a monkey wrench into even the best-laid plans.

Pension Plan

TIP! Now that you have a lot of free time, you can get in excellent physical condition. Maintaining the health of your bones and cardiovascular system is more important than ever.

Learn about the pension plans that you have available. If your employer offers a traditional pension plan, find out how it works. What happens to that plan when you change jobs? Find out if you can get any benefits from your previous employer. You may qualify for benefits through the pension plan of your spouse.

You want to set goals that will cover both the short-term and the long-term, too. If you want to save money, you must have a goal. If you plan out the amount you need, you will be aware of what to save. Do the math and come up with the amount you need to save every week or every month.

TIP! Think about holding off on drawing against Social Security. When you wait, it boosts your monthly allowance, which can make your finances more comfortable.

As retirement looms over you, get your loans paid off first. The auto and mortgage loans are simpler if you can pay large sums before you retire. Check out your options. This will reduce your overall expenses in the long run.

Don’t count on Social Security benefits covering your cost to live. Although SS payments may cover about 40 percent of the income you’ve been earning over the years, that usually doesn’t come close to the current cost of living. You actually require 70-80 percent of your salary, though, if you want to enjoy your time in retirement.

TIP! Rebalance your entire retirement portfolio once a quarter. Don’t give in to the temptation to do it more often; you don’t want to get too emotionally involved in smaller fluctuations of the market.

Once you retire and are trying to make your money go farther, downsizing is something to consider. While your home may be paid off, you still have to pay to maintain a large property. Consider moving to a smaller home, townhouse or condo. This saves quite a bit of money each month.

Retirement is the perfect time to bond with grandchildren. Your own children may need assistance with childcare sometimes. Try to make the time you spend with your grandchildren enjoyable for you and them by planning activities you can both participate in. But think carefully about whether you want to watch them full time, as this can burden your own life, too.

TIP! Many think they can do whatever they want once they retire. Time seems to go by more quickly as each year passes.

What will your income be once you retire? Consider things like your pension plan and government benefits. The more funds you can tap, the more security you have. What can you do now to help you to have more money in your retirement?

Always make sure you are enjoying yourself. It can be tough to navigate life as you get older, but that’s why you need to stop and make sure that you are doing something every day that speaks to your inner self. Pick up hobbies you’ve always wanted to try, and fill your days will happiness.

Social Security

Don’t count on Social Security to cover all your bills. Although that money will help, it is not enough to live on comfortably. Social Security benefits will fund approximately 40 percent of your retirement needs.

Can you turn your hobbies into a side business? You may enjoy woodworking, sewing, or painting. You can sell what you make for an additional income.

Saving for your children’s college education is also something that you are probably doing. However, it is important to get things lined up for your retirement first. Your kids may be able to get loans taken out, get a scholarship, or they can get into a work study group. Such things will be harder to get during retirement, so make sure to handle finances wisely.

TIP! If you are 50 years old or greater, you can play catch up with your IRA account. You will have to abide by a limit that you can contribute.

We have compiled some expert information that will help you create a solid retirement plan. Keep the tips you’ve read here in mind as you go forward. Retirement can be comfortable, but the first step you have to take is planning today.