Define the lifestyle you want during retirement, including travel, hobbies, and living arrangements.
Calculate your expected monthly expenses, including housing, utilities, food, transportation, healthcare, and leisure activities.
Evaluate your debts, including mortgages, credit cards, and other loans, and plan to pay them off before retirement.
Aim to replace a percentage of your pre-retirement income to maintain your lifestyle. Commonly, 70-80% is suggested.
Contribute the maximum allowable amount to your 401(k) and Individual Retirement Accounts (IRAs).