Preparing For Retirement Preparing for RetirementWith retirement around the corner now is the time to plan for your financial needs Your Social Security benefits are the foundation on which you can build a secure retirement. The three major elements of your retirement portfolio are:Benefits from pensions,Savings and investments, andSocial Security benefits.Most financial advisors say you'll need about 70% of your pre-retirement earnings to comfortably maintain your pre-retirement standard of living. If you have average earnings, your Social Security retirement benefits will replace only about 40%. The percentage is lower for people in the upper income brackets and higher for people with low incomes. You'll need to supplement your benefits with a pension, savings or investments.To help you plan for retirement, the Social Security website includes a Retirement Estimator that lets you get a retirement benefit estimate based on current law and real time access to your earnings record. It also provide a Benefits Planner to help in the event of disability or loss of your family's wage earner.