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20 Steps to Take When Preparing for Retirement

PREPARING FOR retirement doesn't have to be difficult or complex. Even if you don't have a detailed plan for retirement in place, taking small steps now can make a big difference as you approach retirement.

1. Shake Off Financial Fear

Instead of avoiding money-related tasks, commit to facing your financial reality. Take a close look at your monthly expenses and compare them to the income you regularly bring in. Understanding your full financial picture can help you determine how much to put toward retirement regularly.

2. Make a Quick Start

Decide on a certain amount to save each month, such as $50 from each paycheck. Put money aside before you spend it on bills, groceries or online shopping.

3. Choose a Debt to Pay Off

If you have a credit card balance or car loan, look at the amount you owe. Then create a plan to pay off the debt, such as putting an extra $100 toward the outstanding balance each month until the balance is zero.

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