Preparing financially for retirement can be key to pursuing interests in later life.

But according to the Department of Labor, half of Americans simply use guesswork to calculate their retirement needs. Many people underestimate how much money they’ll need to maintain their standard of living in retirement. (Experts say you’ll need, on average, 80-85 percent of your pre-retirement income during peak earnings years to do so.) Often, people also underestimate how much they’ll need to cover future health care and long-term care costs.

You can avoid having retirement sneak up on you by making plans early. The sooner you start preparing for retirement and the more thoroughly you plan, the more likely you are to enjoy yourself when retirement actually comes.

Today, millions of older Americans are devoting their post-retirement years to new adventures – starting new careers, volunteering, returning to school and pursuing other paths that build on the knowledge and interests they’ve acquired over the years. By
nurturing your mind and body, you, too, can have a positive impact on your life. Remember, one of the best determinants of healthy aging is you!