(NC) Whether you're starting your first job or approaching the end of a rewarding work life, it's never too early to start thinking about how to live comfortably in retirement.

To maintain your standard of living, financial experts suggest that for every year that you're retired you will need about 70 percent of your average annual net income earned in your last three years of employment. Of course, this could vary based on your own personal retirement plans.

November is Financial Literacy Month in Canada (itpaystoknow.gc.ca/flm) and the Financial Consumer Agency of Canada (FCAC) is inviting everyone at any stage of life to increase our money management skills and to map out a retirement plan.

Take the time to review how much income you can rely on receiving from public or private pensions, and consider what type of lifestyle you want in retirement and your life expectancy. The effect of inflation on your savings, how prepared will you be to cover the costs of unexpected emergencies, and the age at which you would like to retire are other important points to factor in.

Working through these questions will help you calculate how much money you will need to save in order to achieve your retirement goals. Your Financial Toolkit is a resource developed by FCAC, the Investor Education Fund and the Autorité des marchés financiers to help Canadians determine what steps to take to ensure adequate retirement income and to decide whether they're financially ready to retire. Available at itpaystoknow.gc.ca, this toolkit includes worksheets that help make the planning easy and successful.