Step 1 Lifestyle

The 5 Steps

Step 1 - Lifestyle 
Step 2 - Healthcare 
Step 3 - Sources of Income 
Step 4 - Saving 
Step 5 - Future Income 

What lifestyle do you want—and how much will it cost?

Plan your budget: Now is the time to get a handle on what your retirement expenses may be. Consider, too, which expenses will be "must-haves" and which may be "nice-to-haves." Then estimate how much each one may cost you.

Envision your lifestyle

  • How will you spend your time and who will you spend it with?
  • Will you continue to work?
  • Where will you live? Will you sell or buy a home?

Some common expense categories include:

  • Clothing
  • Housing: e.g., mortgage and rent
  • Utilities: e.g., electricity, gas, oil, phone, cable, and Internet
  • Transportation: e.g., car payments, gas, and repairs
  • Child care, eldercare
  • Pets: e.g., care, vet, supplies, etc.
  • Food
  • Travel
  • Medical bills: e.g., co-pays, insurance
  • Entertainment: e.g., dining out, theatre, parties, etc.
  • Memberships: e.g., clubs and subscriptions
  • Charitable donations: e.g., church, alma maters, community, etc.
  • Other expenses


  • Leisure activities
  • Travel
  • Career goals
  • Volunteer work
  • Mental fitness
  • Physical fitness
  • Family time
  • Entertainment/friends
  • Two-thirds (67%) of workers expect to continue to work for pay in retirement*



*2015 Retirement Confidence Survey, Employee Benefit Research Institute and Greenwald & Associates. April 2015.


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