There’s rarely a greater joy in life than when you make that personal decision to hang up your hat and enjoy retirement. Just don’t forget that retirement takes planning, commitment, and a good financial head on your shoulders. Here are 3 helpful tips to prepare for retirement in 2018.

1. Determine your needs: Retirement can be expensive, with experts estimating that you need seventy to ninety percent of your preretirement income to maintain your standard of living when you stop working. The average American spends twenty years in retirement, so ask yourself, “What do I want?” Do you want to buy a home? Travel? Go back to school? Start a business? Determining your retirement needs and identifying what you want to do in retirement will help you plan better so you can enjoy your golden years to the fullest.

2.) Build a solid savings: Financial experts now recommend saving as much as fifteen percent of your salary for retirement. Don’t touch your retirement savings early or you may have to pay withdrawal penalties, lose principal and interest, and lose tax benefits. If you’ve just now started saving with few years left until retirement, don’t be deterred. It never hurts to explore investment and saving options that can help you reach your retirement goals faster.

3.) Eliminate debt: It's easier to save and fund your retirement when you don't have looming debts hanging over your head. When you're about to enter your retirement years, credit card debt -- and any student debt -- should be paid down. Thirteen percent of baby boomers still have student loan debt. Sit down with a financial planner to whip up a plan to quickly eliminate debt so you can use you can retire in style.

If you or someone you know plans on retiring in 2018 or are seeking a luxury Arizona retirement community, please give me a call today. I can help you find the perfect retirement home where you can enjoy your golden years!