How much money will you need when you retire? Many experts suggest anywhere from 60% to 80% of your working income as a good target. That means if your household income now is $80,000 you might need between $48,000 to $64,000 a year once you retire. And remember, retirement could last 20 years or more. To help you get a better idea of what might be best for you take time each year to think about your needs and those needs will become clearer with age. Will you still have big regular expenses such as a mortgage, car payment or credit card bills? What type of lifestyle do you want in retirement? Big trips or small vacations? Hobbies? Entertainment? How about medical expenses? Medical insurance? Medication costs? Long term care coverage? Once you estimate your expenses and lifestyle costs it's time to look at your income sources. What is your estimated Social Security income? Have you been saving money in a retirement plan like a 401(k) or 403(b)? Do you have IRAs? Will you have a work pension coming? Do you plan to work part time in retirement? Compare your expenses, income, and target retirement age by using one of the many free online retirement calculators. Can you meet your goals? If the answer is no the good news is reducing your spending now saving more and, if necessary, working a few more years can help prepare you for a financially secure retirement.