1. Develop a retirement strategy and write it down.
Envision your future retirement. The Transamerica Center for Retirement Studies, or TCRS, suggests you formulate a goal for how much you will need to save each year, including in an employer-sponsored retirement plan and outside savings. Remember to factor in living expenses, health care needs, long-term care and government benefits. When facing a decision to reduce work hours or take time out of the workforce to be a parent or a caregiver, consider the financial trade-offs and options to help mitigate the impact on long-term security.