Future expenses are difficult to predict. Some regular expenses like out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. Consider downsizing or paying off your mortgage before you retire. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget .

Future expenses are difficult to predict. Some regular expenses like out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. Consider downsizing or paying off your mortgage before you retire. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget .

Future expenses are difficult to predict. Some regular expenses like out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. Consider downsizing or paying off your mortgage before you retire. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget .

Future expenses are difficult to predict. Some regular expenses like out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. Consider downsizing or paying off your mortgage before you retire. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget .

If you're planning an active retirement or carry a mortgage or other debt, retirement may be more expensive than you expect. Some regular expenses like your out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget .

If you're planning an active retirement or carry a mortgage or other debt, retirement may be more expensive than you expect. Some regular expenses like your out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget .

Do you expect to have additional sources of retirement income beyond Social Security? Yes No Not Sure

Continue saving in the coming years. Social Security won't replace all of your pre-retirement income. On average, Social Security replaces 40 percent of a worker's income. That means your retirement savings, pension , 401(k) , or Individual Retirement Account (IRA) will need to fill the gap. Claiming at your full Social Security benefit age or later (up to age 70) can minimize this gap and maximize your monthly benefit. If you claim before your full retirement age, your monthly benefit could be reduced by as much as 30 percent. Learn more about saving for retirement .

You have an opportunity to continue growing your money. If you can, get the highest monthly Social Security benefit possible by claiming at your full Social Security benefit age or later. If you claim before your full retirement age, your monthly benefit could be permanently reduced by as much as 30 percent. Also, take advantage of catch-up contributions to your 401(k) or Individual Retirement Account (IRA) . Lastly, avoid losing your retirement savings to unnecessary tax penalties. If you withdraw your 401(k) or IRA savings before age 59½, you will likely face an early withdrawal penalty. Learn more about how retirement savings grow .

It's a perfect time to start saving. You could save through your employer's 401(k) or an Individual Retirement Account (IRA) to fill the gap. Maximize an employer match if one is offered. Some employers match the money you put in your 401(k) plan which helps to grow your retirement savings. Even if you're unable to save as much as you'd like, your small savings today will grow over time and can become extra income or emergency savings in the future. If you expect Social Security to be your only source of income, you can still make the most out of it by claiming at your full Social Security benefit age or later. If you claim before your full retirement age, your monthly benefit could be reduced by as much as 30 percent. On the other hand, you can get extra increases for every month that you wait to claim past your full benefit age until age 70. Learn more about how retirement savings grow .

It's never too late to start saving! You could save through your employer's 401(k) or an Individual Retirement Account (IRA) . Make sure to maximize an employer match if one is offered. Some employers match some of the money you put in your 401(k) plan which helps to grow your retirement savings faster. You can also make additional contributions to these accounts called catch-up contributions . If you expect Social Security to be your only source of income, you can still make the most out of it by waiting to claim at your full Social Security benefit age or later. When you claim before your full retirement age, your monthly benefit could be reduced by as much as 30 percent. Learn more about starting an IRA .

There are many ways to plan for a secure retirement outside of Social Security. You may be able to save through your employer's 401(k) plan or an Individual Retirement Account (IRA) . Maximize an employer match if one is offered. Some employers match some of the money you put in your 401(k) retirement plan, helping you grow your retirement savings faster. Your decision about when to claim your Social Security benefits is especially important if you cannot or did not save as much as you would like. When you claim at your full Social Security benefit age or later, you avoid a reduction in your monthly benefit. You will also get increases for every month that you wait to claim past your full benefit age until age 70. Learn more about starting an IRA .

It's never too late to start saving! You may be able to save through your employer's retirement plan or an Individual Retirement Account (IRA ). Maximize an employer match if one is offered. This will help you grow your retirement savings faster. You can also make additional contributions to these accounts called catch-up contributions . Your decision about when to claim your Social Security benefits is especially important if you cannot or did not save as much as you would like. When you claim at your full Social Security benefit age or later, you avoid a reduction in your monthly benefit. You will also get increases for every month that you wait to claim past your full benefit age until age 70. Learn more about working and collecting Social Security benefits .

Once you reach your full retirement benefits claiming age, you can work and earn as much as you want and your benefits will not be reduced. If you claim before this age and continue to work, your benefits could be temporarily reduced if you earn over a certain limit, but any reductions you receive will be credited back to you once you reach full retirement age.

Your Social Security benefits could be reduced if you receive federal, state, or local government pensions that are based on work where you did not pay Social Security taxes.

A type of retirement savings account offered by employers to help their employees save for retirement.

IRAs are types of retirement savings plans with special tax incentives. In these plans, your savings equal the contributions that you make to the account plus the gains or losses of your investments.