Top 10 Tips on Preparing for Retirement

With retirement in your future, it pays to be prepared. Literally. Here's a list of key items to consider, courtesy of the government.

Topping the Labor Department's Top 10 Ways to Prepare For Retiring is knowing your retirement needs. Government experts think you'll need about 70 percent of your preretirement income to maintain your current lifestyle.

Check what you are going to get from Uncle Sam in the form of Social Security. Call 1-800-772-1213 for a free Personal Earnings and Benefit Estimate Statement (PEBES). Other steps include estimating your company pension, contributing to a tax-sheltered savings plan, opening an IRA, starting now, setting goals and sticking with them. The DOL site has a list of Websites and contacts for further retirement information. There's a chart on how savings build over the years and a "facts" area that addresses rumors about what happens after you retire.