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Retirement Planning Tips

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Retirement Planning Tips

To estimate your financial needs upon retirement, calculate your current living expenses, estimate where spending may increase or decrease and evaluate your retirement income sources, such as Social Security benefits, pension plans, IRAs and 401Ks. Strategies to bridge the gap include delaying retirement, cutting spending now and saving for retirement, increasing your contribution to a retirement plan such an IRA and considering part-time employment following retirement. If you start early, saving a small amount will make a big difference later. Photo: Getty Images

Protect Your Health Now

Make lifestyle changes now, such as eating a well-balanced diet, maintain a healthy weight and exercise regularly, to promote healthy aging and reduce the risk for serious health issue. Take advantage of current health insurance coverage for regular examinations, diagnostic testing and screening. Photo: Getty Images

Make Home Improvements

Before retirement, make any necessary improvements or upgrade failing systems, such as heating, plumbing or roofing. Fix any impending failures while you still have an income. This is a good time to upgrade features such as windows, exterior siding and landscaping, to reduce home maintenance. Sources AARP: Health Care Life Guide https://www.aarphealthcare.com/life-guides/planning-for-retirement/next-steps#tabs MetLife: Life Insurance http://www.metlife.com/individual/insurance/life-insurance/index.html#overview Reviewed May 19, 2011 Photo: Getty Images

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