Start by understanding how much you might need

Turning retirement dreams into reality begins with setting a goal. What kind of lifestyle do you want in retirement—travel, a comfortable home, hobbies, supporting grandchildren, or giving back?

Online tools, such as New York Life’s Retirement Savings calculator, can help you estimate retirement income needs by considering factors such as:

• The length of your retirement 
• How much you’ve saved so far and how much you’re adding each year
• The income you want to replace in retirement (as a percentage of today’s income)
• How different assumptions (like rate of return/inflation) can change the picture

This is only a starting point – These tools are intended for illustrative purposes only. Actual results will vary, and estimates may change based on market conditions, contribution levels, taxes, health care costs, and other personal factors. Once you have an estimate, you can begin developing a strategy to help close any projected income gap.

What you can control—and what you can’t

Uncertainty fills the headlines, and many people feel they have little control over their finances as they plan for retirement.

But there is something you can control, and it matters more than ever: saving consistently now. Even modest, steady savings over time can build a powerful foundation.

That’s why many financial professionals emphasize contributing early and, if possible, increasing contributions over time for example, after a salary increase. Beginning sooner may reduce the need for larger contributions later, though results are not guaranteed and depend on individual circumstances.

Making your savings last your entire retirement

One way to feel more confident about the years ahead is to explore strategies designed to help generate income that can last the entirety of your retirement. Many retirees choose lifetime income solutions, such as annuities, to create steadier payments they can rely on. The specifics depend on the type of annuity, and any guarantees are backed by the claims-paying ability of the issuing insurer. Bear in mind that, income annuities are irrevocable contracts between you and the insurance provider.  As a result, there is no cash value that can be surrendered or liquidated.

Why saving (and having a strategy) matters especially now

Retirement isn’t a single moment it’s often 20–30 years or more. During that time, expenses, lifestyle goals, and markets can change. A diversified retirement savings strategy can help you prepare for uncertainty, although no strategy can eliminate all financial risk.

By making efforts to save whether big or small—combining multiple income sources (investments, Social Security, annuities), and maintaining flexibility in your retirement plan, you can improve your ability to navigate retirement with greater confidence.

Where to go from here

Every individual’s retirement needs and income sources are unique. A financial professional can assist in determining your potential retirement needs, evaluating if your savings strategy aligns with your goals, and exploring if annuity or other income options are appropriate for you.

Don’t wait. Start saving, plan ahead, and build the retirement income you deserve when you retire.