Determining the amount of income you will need for a comfort retirement can be difficult. No one answer can apply to everyone. Depending on your lifestyle and retirement goals, you will probably need at least 75 percent of your current income when you retire.

Can you rely on Social Security? Although Social Security has been around for years and hopefully will be viable when it is your turn to retire, you shouldn’t rely on it alone. With cut backs to this program, most people will need to supplement their Social Security with other income. You can obtain a statement from the Social Security administration listing reported earnings for each year worked and providing an estimate of benefits, based on when you plan to retire. To receive the statement, you must submit a Social Security Request Form (SSA-7004), "Request for Social Security Earnings and Benefit Estimate Statement".

Employer-sponsored benefit plans or pensions can also be a source of income once you retire. Talk to your company’s benefits administrator to have an idea of the monthly payout you will be entitled to when you retire. One note of caution: there's no guarantee that a pension plan will still be around when you retire, even if you're currently covered by one.

Working with a financial planner, you can set up a budget that you can follow once you retire. You should consider what your projected income and expenses will be, so you can have a financial cushion available, just in case unforeseen incidents occur.

For some people thinking about retirement ,forcing them to think of their final days is very uncomfortable. Look at your family history and your current health concerns to figure out approximately how many years will you live after you retire. You can find “Life Expectancy Calculators” on the Internet if you are curious. Experts suggest that when are planning the finances of your retirement, expect to live to 100 years of age. Naturally, if you don’t live that long, the residual monies will simply become part of your estate.

Plans such as the 401K or 403B enable employees to invest pretax money in various alternatives. In these employer sponsored contributory plans, many employers match all or at least part of their employees contributions.