While financial planning can be complex, getting started is easy. Here are some simple suggestions that may help.

• Work within your budget You know what you earn and how much you spend. But when you draw up a budget, don’t forget to include your long-range goals.
• Be realistic Learn how much a college education costs and how much money you’ll need when you retire. Remember that prices tend to rise over time, so today’s figures may be much less than what you’ll need in 15 or 25 years.
• Pay yourself first Set money aside at the beginning of each month—or arrange to have money automatically transferred from your paycheck into an investment account or retirement plan.
• Find hidden funds Paying off credit cards, bank loans, or other debt can help you reduce your expenses and give you more money to invest. If your garage, attic, or closets are filled with "treasures" you’ll never use again, why not sell them and put the money to work?
• Invest as much as you can How much you set aside now may affect how much you have at retirement. The bigger your goals, the more sense it makes to invest as much as you can.

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Just about everyone wants a comfortable retirement. But will you have the money you need when you reach retirement age?

• Social Security Social Security was never intended as the sole source of retirement income, and you may need more than Social Security provides. Each year, Social Security sends a statement with your personal benefit projections. You can request additional statements anytime at Social Security Administration or by calling 1-800-772-1213.
• Savings You probably have some money saved for emergencies. But what if you had to dip into your savings each month for groceries, rent, or car payments? How long would it take before your savings were gone? Remember that your retirement may last for 10, 20, or even 30 years or longer!
• Retirement Plans If you’re regularly setting money aside in a retirement plan, you may enjoy a number of benefits, including pretax deductions and tax-deferred accumulation. If your employer provides matching contributions, they may add to the amount you set aside.
• Other investments The IRS sets limits on how much you can set aside in your retirement plan at work. But there’s no limit on how much you can invest in taxable investment accounts. To help reach your retirement goals, you may want to consider both types of investments.

Continuing to work Few people want to work after they retire, but if your monthly expenses are greater than your retirement income, you may have little choice. Advance planning may be the best way to realistically pursue your retirement goals.

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