GC Seniors elder care knowledge

Retirement is expensive. Experts estimate that you will need at least 70 percent of your preretirement income to maintain your standard of living when you stop working.

If you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit. If you're not saving, it's time to get started.

You can put up to $5,500 a year into an Individual Retirement Account (IRA); you can contribute even more if you are 50 or older. You can also start with much less.

If your employer offers a retirement savings plan, such as a 401(k) plan, sign up and contribute all you can. Your taxes will be lower, your company may kick in more.

If your employer has a traditional pension plan, check to see if you are covered by the plan and understand how it works.

If you withdraw your retirement savings now, you'll lose principal and interest and you may lose tax benefits or have to pay withdrawal penalties.

Social Security pays benefits that are on average equal to about 40 percent of what you earned before retirement.