How to start planning for retirement

Four steps to move from a vague goal to a working retirement plan.

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Start by estimating what your life will cost, separating essentials from extras. Next list the income you can expect: pensions, benefits, savings and any property or business. Compare the two, then test the result against a long life, higher prices and weaker markets.

Finally decide on actions: save more, work a little longer, change investments or adjust spending goals. Our retirement planning page explains the stages and our estimators give a first look at the numbers.

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