Saving enough for retirement is a big deal, and retirement is just as real and important for self-employed workers as it is for more conventional employees. Unfortunately, the retirement savings options for the self-employed aren't quite as obvious or automatic as they are for regular employees - whenever someone starts a new job, HR often tells them about any company-sponsored plans that are available, but there's no similar mechanism for the entrepreneur.

SEE: Plans The Small-Business Owner Can Establish

Luckily, there is a wide range of options available to those who run their own business. While some approaches are compelling in their simplicity, others allow an owner or operator to squirrel away truly considerable amounts of money for retirement. Although readers should be aware that the details and requirements of these plans can change with the tax laws, here are some of the best options available to the self-employed.

SEP IRAThe Simplified Employee Pension Individual Retirement Account (more commonly known as SEP IRA) is modeled after the IRA account and is the simplest account to establish. There are minimal Internal Revenue Service (IRS) reporting requirements and there are typically minimal restrictions on the types of investments that someone can own through a SEP IRA plan. To set up a SEP IRA, entrepreneurs need to fill out a very basic amount of paperwork with a brokerage that offers this account type.

While SEP IRAs are simple, they are not necessarily the most effective means of saving for retirement. Contributions are limited to 25% of employee wages or 20% of net earnings (before self-employment tax) of owner or operators, which works out to about 18.6% of profits. These contributions are also capped at $49,000 per year, but any contribution can be made in a lump sum at the end of the year. Employers should also note that under most circumstances they will have to contribute the same amount for employees (on a percentage basis) as for themselves, but there is no annual funding requirement.

While investors can usually roll 401(k) distributions into a SEP IRA, it is not possible to borrow against these funds and early withdrawals come with a 10% penalty in addition to regular taxes.

Individual 401(k)An individual 401(k) is more or less like what it might sound a plan for self-run businesses that closely mirrors the 401(k) plans offered by many larger companies. What is different, though, is that an individual 401(k) combines the features of a "regular" 401(k) with a profit-sharing plan. A 401(k) is relatively simple to start and there are only minimal filing requirements with the IRS until plan assets reach over $250,000 (even at which point the paperwork required is pretty simple).

To establish an individual 401(k), a business owner has to work with a financial institution, and that institution may impose fees and certain limits as to what investments are available in the plan. Some plans, for instance, may limit you to a fixed list of mutual funds (typically sponsored by that institution), but a little bit of shopping will turn up many reputable and well-known firms that offer low-cost plans with a great deal of flexibility.

The principal appeal of an individual 401(k) is that a self-employed worker can contribute more. Although the same $49,000 cap applies as with the SEP IRA, the contributions can take the form of salary deferral (up to $16,500) and "profit sharing" (up to 25% of compensation, less if the business is not incorporated) - making it much more likely that a worker can contribute the full amount.

While tax-free loans from plan assets are possible, only the self-employed and his or her spouse are eligible for such a plan.

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Hey Self-Employed, Are You Making The Most Of Your Retirement Options?

The Boomer is a column written for adults nearing retirement age and those already in their golden years. It will also promote reader interaction by posting e-mail responses and answering reader questions. E-mail your questions or topic ideas to thefoxboomer@gmail.com.

When I was a kid and I wanted something, I went straight to my mom. I knew that even if her first answer was no, I could sometimes nag her enough that she would give in to my request. However, when her response was to go ask my father, that usually sent me running to my room crying because there was no nagging dad--when he said no, that was it.

In all families, moms and dads take on different roles when it comes to discipline, managing finances and schedule planning.

When it comes to retirement planning and lending money, men and women take different approaches and hold different views. Ameriprise Financial recently conducted a survey that explored the differences in how baby boomer men and women approach financial conversations and support family members. I reached out to Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, to find out the differences and their impact on financial planning. Heres what she had to say:

Boomer: The survey finds boomer men are more optimistic about their financial future than women. Why the substantial difference and what do you feel is the reason for the significant drop in these numbers since 2007?

de Baca: What we found in a 2011 report was that more men are prepared for retirement than women, which may contribute to them also feeling more optimistic about it . Theyre more likely to say they have set money aside, and determined the amount of income theyll need in retirement. So in general, men may have more retirement savings socked away and more of a financial plan in place than women do.

Men are also less likely to have exited the workforce to stay at home with children or aging parents, giving them more opportunity to save in many circumstances. The overall level of optimism has declined significantly among both sexes since 2007, which isnt surprised due to the financial crisis and recession.

Boomer: What do you think the reason is that moms are more open to discuss money and finances with their families?

de Baca: Women may be used to having day-to-day discussions with their families about expenses, which could pave the way for more weighty financial conversations. Women could also be talking more about money because they are aware that they may outlive their spouse, and there's an element of financial responsibility to pass along to family members.

Its interesting to note that while moms are more comfortable discussing money issues with their kids in particular their daughters it can still be a stressful discussion. In fact, the daughters of boomers are much more likely than men to say that discussing money is very or somewhat likely to cause tension or an argument in their family (58% vs. 41%).

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Planning for Retirement: How Men and Women Differ

ORLANDO, Fla.--(BUSINESS WIRE)--

The Newport Group, a leading national provider of retirement and executive benefit plans, announced that its My Forecast retirement readiness service is having a dramatic impact on employees retirement account balances, contribution amounts and overall engagement with their plans.

My Forecast allows employees enrolled in Newport retirement plans to instantly see their account balances, retirement income targets, and current projections, and shows them how to easily make adjustments to help them reach their goals. The feature was first introduced in October of 2011, and has been adopted by over 300 Newport plan sponsors to date.

In just a few months, My Forecast has already produced some exciting results, said Dennis Sain, Newports Senior Vice President, Retirement Services. On average, plan participants who use it have seen their account balances grow 40% more than those whose plans dont yet feature My Forecast. These participants are increasing their contributions to their plans. And they access their accounts 25% more often, performing nearly twice as many transactions on the site.

Unlike many other retirement planning tools, My Forecast is placed front and center on the participant website. Upon login to the site, plan participants see an immediate graphical representation of how their contributions support their desired retirement income. Should there be a gap, interactive tools are available to help them get back on track. The feature also differs from other services by allowing employees to add outside financial accounts, plans and assetsgiving them the most comprehensive snapshot possible of their total retirement readiness.

We believe financial services websites should be easy to use, relevant to a persons complete financial picture, and results-oriented, and we have an ambitious strategy underway to redefine Newports online participant experience accordingly, said Eric Brickman, Senior Vice President, Strategic Solutions Group. My Forecast will continue to be an integral part of this strategy, and were pleased to see this approach is already making a real, tangible difference in personal engagement and retirement savings results.

About The Newport Group

Founded in 1984, The Newport Group is a leading retirement services firmspecializing in the creative design and administration of retirement and executive benefit plans. Through its innovative and customized solutions, Newport is uniquely positioned to satisfy the distinct financial needs of employers and employees, and has done so for hundreds of the countrys largest and best-known companies.

Newport is headquartered in Heathrow (Orlando) FL, with service centers in Charlotte NC, Dallas TX, Greensboro NC, La Crosse WI, Orlando, FL, Richmond VA, and St. Petersburg FL. Newport also has offices in Atlanta, Cincinnati, Denver, Los Angeles, Nashville, New York NY, San Francisco, and St. Louis MO. For more information, visit http://www.newportgroup.com.

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Newport’s ‘My Forecast’ Dramatically Boosts Employees’ Retirement Readiness

MILWAUKEE, June 28, 2012 /PRNewswire/ -- BMO Retirement Services, a part of BMO Global Asset Management, has appointed Matt Smith as Director of Retirement Sales and Strategy. Mr. Smith reports to Phil Enochs, Managing Director and Head of Relationship Management for BMO Global Asset Management.

In this newly-created position, Mr. Smith is responsible for building and further defining the firm's holistic approach to providing solutions to the U.S. retirement plan market. This extends to providing thought leadership on critical retirement issues in concert with the renowned BMO Retirement Institute.

According to Mr. Enochs, "Matt is uniquely qualified to lead this dual initiative given his nearly three decades of achievement in the retirement plan industry as a sales manager, business strategist, investment consultant and author."

Mr. Enochs added, "Matt's career-long commitment to make retirement readiness a reality for millions of 401(k) and other DC participants aligns perfectly with our mission to improve retirement security for people. His extensive experience addressing the concerns of plan sponsors, participants and plan advisors adds depth and dimension to BMO's already-strong organization."

Prior to joining BMO Retirement Services, Mr. Smith was Senior Vice President, National DC Practice Leader of Aon Consulting in Seattle. Previously, he was Managing Director of Retirement for Russell Investment Group, General Manager, Retirement Services at ADP, and DC Consultant for Buck Consultants.

Mr. Smith is the author of Managing Your Firm's 401(k) Plan: A Complete Roadmap to Managing Today's Retirement Plan. He is also the co-author of The Retirement Plan Solution: The Reinvention of Defined Contribution and Someday Rich: Planning for Sustainable Tomorrows Today. All three are published by John Wiley & Sons, Inc.

He earned a Bachelors degree from the University of Kansas.

About BMO Retirement Services BMO Retirement Services is a part of BMO Global Asset Management and a division of the Marshall & Ilsley Trust Company N.A., offering products and services through various affiliates of BMO Financial Group.

Established in 1973, BMO Global Asset Management is an integral part of BMO Financial Group, a fully-diversified financial services organization. As of April 30, 2012, BMO Global Asset Management oversaw more than $110 billion in assets under management for institutional and high-net-worth clients and the BMO family of mutual funds.

A Midwest-based registered investment advisor with a 40-year track record of fiduciary service, BMO Global Asset Management in the U.S. is organized into four centers of excellence, each of which is a vital and respected part of the global offering: BMO Asset Management U.S., BMO Funds, BMO Retirement Services and BMO Trust and Custody Services.

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BMO Retirement Services Appoints Matt Smith as Director of Retirement Sales and Strategy

BROOKFIELD, Wis., June 28, 2012 /PRNewswire/ -- Planning for retirement can be a time of great anticipation as well as great anxiety. And, given the current economic climate, many individuals have changed their plans for retirement by either pushing back their retirement date or have considered working part time during their retirement to supplement their fixed incomes. This,according to Jim Cantrell, Certified Financial Planner Professional, Owner and President of Financial Strategies, Inc., a wealth advisory firm in Brookfield, Wisconsin.

While some people close to retirement have changed their goals or approach, others simply don't know what to do. Cantrell, who is also a National Association of Personal Financial Advisors' (NAPFA) Registered Advisor and current NAPFA Board President of the Midwest Region, says, "Daunting uncertainties can creep into your plans and threaten to burst your bubble before it is even fully inflated. While the current economic climate should be cause for caution and concern, careful planning will help you enjoy your retirement the way you had envisioned before the economic turndown." He provides the following five tips to help you create a solid financial plan that will get you back on track and allow you to enjoy the fruits of your labor.

Tip Number 1 Know what you are going to doJim Cantrell offers that "This may seem like a strange tip, however, many people do not plan past the idea of no longer working. They don't think about what will occupy their time once they retire. Your future plans will help you create a better financial plan for your retirement." If you have grandiose thoughts of spending months in exotic destinations, you will need to put a bit more into your retirement fund than if your goal is to do volunteer work and stay close to home. One of the best ways to ensure that your future plans are appropriate for you is to get involved in activities that are of interest before you retire. For example, if you plan to spend your time volunteering, consider giving a few hours a week before retirement to see if this will work with your future plans. Additionally, if relocation is part of your retirement goal, spend time vacationing in the areas you could potential call your future home.

Tip Number 2 Know your benefits"Once you retire, there is a good chance you will not receive the same benefits you did when you were employed," states Cantrell. It is important to talk to your organization's human resources department well before you plan to retire. Consider items such as health insurance, pension and stock options. Each of these things could have a big impact on your finances once you are retired.

Tip Number 3 Diversify your stock optionsAs you approach retirement, it is important to ensure that you do not have an over concentration of stock positions. Sometimes senior management and upper level executives have a lot of their portfolio tied up in their company; however, once they retire they will not have the same level of control in the direction the company takes. Having all your eggs in one basket (or a lot of them) is never a good idea, this is why it is important to consider diversifying your investment portfolio.

Tip Number 4 Move to stable investmentsAs you approach retirement, (at some point say five to seven years prior) consider shifting your investment portfolio from a higher percentage of equities to less riskier, fixed or stable investments. This will make your portfolio a much safer place to go and get your money when you need it.

Tip Number 5 Have a solid plan"In order to enjoy a comfortable retirement, it is important to have a clear understanding of what it will take to retire," Cantrell offers as a final tip. How much will you need to put away to live the lifestyle you currently enjoy, or what things do you plan to cut out? Know what you currently have available and what you will need and put it all down in a solid and workable plan. One of the best ways to ensure that you have a solid plan is to meet with a certified financial planning practitioner (we recommend a fee-only advisor) to create a program that meets all your future needs.

"Retirement should be a time of great joy and relaxation. Planning for this time in life is vital to ensure that the goals you have set will be attainable. Don't let the uncertainty of the current economic climate stop you from planning your retirement," Cantrell concludes. For more information on planning for your retirement, visit the National Association of Personal Financial Advisors' (NAPFA) website at http://www.napfa.org or Jim Cantrell at Jim@retirementandwealth.com. They can offer you important tips and advice and help you find a reputable fee-only advisor who can help you put your plans in place.

About Jim Cantrell and Financial Strategies, Inc. Jim Cantrell, Certified Financial Planner, is Owner and Founder of Financial Strategies, Inc. (FSI). FSI is a Fee-Only wealth advisory firm. Jim is also a National Association of Personal Financial Advisors (NAPFA) Registered Financial Advisor and NAPFA Board President of the Midwest Region, serving North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri, Illinois, Wisconsin, Michigan, Indiana and Ohio. He has over 22 years of experience in financial planning and investment advising to top-level executives and other investment savvy individuals and retirees, as well as their families.

FSI's Fee-Only structure ensures that clients receive honest and objective advice that is not dependent upon a commission structure for the financial success of the advisor. Known by clients for their dedication, attentiveness and teamwork, the staff at FSI combines creativity, kindness and professionalism to give the best possible care and service. For more information on Financial Strategies, Inc, please visit, http://www.retirementandwealth.com.

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Five Tips for Effective Retirement Planning

(MoneyWatch) "Fuhgeddaboutit"

If you're relying on an inheritance to fund your retirement, you might want to revise your plan. It's more likely all you're really going to get is a bunch of family stories, with some furniture, used cars, or jewelry thrown in for good measure -- certainly nothing you can take to the bank. At least that's the conclusion you get when you put two bits of information together: The results of a recent survey report from Allianz Life and an in-depth look at the wealth of the older population.

According to the Allianz report, 86 percent of boomers (those age 47 to 66) and 74 percent of elders (those age 72 and over) state that family stories are the most important aspect of their legacy, ahead of personal possessions (64 percent for boomers, 58 percent for elders). Financial assets, which you can take to the bank, are cited as most important by only 9 percent of boomers and 14 percent of elders. In addition, only 14 percent of elders feel they owe their children an inheritance, down from 22 percent who reported they felt this way in 2005.

These results make a lot of sense, given the modest retirement savings of most boomers and retirees. They'll need to use all their savings to avoid another unfortunate legacy -- the need to move in with their children because they've run out of money.

This leads us to the numbers I referred to earlier. According to the 2012 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI), less than one-fourth -- only 22 percent -- of households headed by someone aged 55 and over have retirement savings of $250,000 or more. We can use numbers from my April 2012 retirement income scorecards to see just how much retirement income $250,000 in retirement savings will generate for a couple both age 65, using various methods of producing a retirement paycheck.

This couple could buy a fixed immediate annuity that would generate an annual payout rate of 5.8 percent, or $14,600 per year. They could also buy an inflation-adjusted annuity with an annual payout rate of 3.9 percent, or $9,688 per year. Add in Social Security income, and it's possible this couple will make ends meet in retirement, but they certainly won't be living high off the hog. And no financial legacy would be left if they used these methods of generating a retirement income.

Retirement income scorecard: Immediate annuities Retirement income scorecard: Managed payouts Retirement income scorecard: Interest and dividends

This couple could also use the four percent rule to generate retirement income: They would invest their savings, withdraw four percent in the first year, and give their retirement paycheck an increase for inflation each year. Their initial retirement income would be $10,000 per year.

This method offers pretty good odds of allowing your savings to last for the rest of your life, but the amount you could leave as a legacy would vary widely. If you live a long time or experience poor investment returns, you could experience "money death" before you pass away, and you'd leave no financial legacy. On the other hand, if you experience favorable investment returns or pass away before your estimated life expectancy, you could leave a substantial legacy.

One more thing: Given the current low interest rates on bonds and expectations for stock market returns, some analysts consider annual payout rates of 3.5 percent or lower to be safe if you don't want to outlive your money; a 3.5 percent payout rate would produce an annual income of $8,750 per year with $250,000 in retirement savings.

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Will an inheritance bail out your retirement?

Retirement woes continue to haunt Americans as the cost of living continues to increase. From paying for medical insurance to paying the bills, retirement continues to be a sticky subject in America. Another major concern for many citizens is finding an affordable retirement home to live in. While many retirement homes are priced to meet the needs of financially-strained retirees, others boast prices and amenities that are simply off the chart in terms of luxury and cost. With the wide range of prices and options available, one must argue the question: Do you have to pay a lot of money to be satisfied with your experience in a retirement home? Here is a look at two of the most expensive and three examples of affordable retirement homes in the United States for an in-depth comparison of whether you really need to pay a lot of money for a quality retirement experience.

SEE: The Complete Guide To Retirement Planning For 50-Somethings

Two of the Most Expensive Retirement Homes in the U.S.Vi at La Jolla Village A retirement home that certainly offers retirees a piece of the luxury is Vi at La Jolla Village in San Diego. Vi at La Jolla Village provides spacious floor plans available from one bedroom to three bedrooms. Some standard features of the homes include an emergency call system, expanded digital cable television, patio or balcony, and spacious closets. Additionally, Vi at La Jolla Village provides 24 hour valet parking services, weekly housekeeping, healthy dining options and Phillips Lifeline alert system in each unit. All this luxury has quite a price tag attached to it. Entrance fees start at $225,200 and max out at $753,700, while monthly costs can range from $2,720 to $4,440.

SEE: Finding A Retirement-Friendly State

Valencia Shores Another amazing example of a retirement community that offers up luxury and relaxation with a steep price tag is Valencia Shores in Lake Worth, Fla. Some of the impressive amenities that Valencia Shores offers include a full-scale athletic club with fitness center, tennis courts, whirlpool spa, and full-service hair and nail salon. Valencia Shores has a broad selection of homes available, each massive in size and with all the modern amenities you could ask for. List prices start at $239,000 and max out at $625,000.

Three of the Most Affordable Retirement Homes in the U.S.American House American House in Dearborn Heights, Mich. is one great example of an affordable retirement home that is looking out for the cash-strapped retiree. American House offers a variety of floor plans up to two bedrooms, and offers a hearty helping of comfort with amenities such as an emergency response system, month-to-month leases and weekly housekeeping. American House offers many programs that help save tenants money on living costs, including programs for veterans and low-income seniors.

SEE: Will Your Retirement Income Be Enough?

Atria Kennebunk Located in Kennebunk, Maine, Atria Kennebunk is an affordable retirement home with much to offer seniors. Amenities include a very active social community, beautiful interior and scenery, emergency call system in every unit, and concierge. Atria Kennebunk determines cost based on your income and has programs available to work with low-income retirees.

Meadowood Meadowood in Worcester, Pa. is another affordable retirement home that offers tenants considerable bang for their buck. Housing options include spacious apartments or carriage homes and some of the attractive amenities include an expansive library, fitness room and pool. Best of all, Meadowood has a broad range of financial options available to tenants, making Meadowood an easy choice for any budget.

SEE: Will You Have To Delay Your Retirement?

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Some Of America's Most Expensive And Affordable Retirement Homes

By ROBERT POWELL

The Judeo-Christian world has its 10 commandments. Newton has his three laws of motion. And now retirement has its seven equations.

Actually, the world of retirement has had these equations for a while, in some cases for hundreds of years. But Moshe Milevsky, a York University professor, has put all these equations into one readable and, truth be told, highly accessible book, "The 7 Most Important Equations for Your Retirement."

In his book, Milevsky reveals not just the equations, but he also provides portraits of the people and ideas that are behind all our retirement planning. Here's a look at the equations that both students of retirement and would-be students need to know if they want to build a bulletproof retirement plan.

If you want to know how long your nest egg might last, consider equation No. 1, which was developed by Italian mathematician Leonardo Fibonacci some 800 years ago, back in the early part of the 13th century.

Fibonacci, who is best known for introducing and popularizing the Hindu-Arabic number system in the Western world (we dare you to use Roman numerals to perform long division) and a number sequence that bears his name, also gets credit for this one: the present value analysis.

That right, credit Fibonacci--who Milevsky calls the first financial engineer or quant--when you want the answer to this question: How long will your nest egg last in retirement if you were to stop contributing today and instead withdraw a fixed amount each year while earning a fixed interest rate each year for the rest of your life?

So, for instance, if you have $250,000 set aside for retirement earning 4% per year and you plan to withdraw $12,000 per year, your money would last 45 years. If, however, you decide to withdraw $24,000 per year, your money would last just 13 years.

Today, there are sophisticated ways of figuring out how long your nest egg will last, but this equation, wrote Milevsky, "provides a quick and sobering assessment of whether you can maintain your standard of living, or when the money will run out if you can't."

And oh by the way, Milevsky thinks Fibonacci likely retired wealthy and didn't outlive his assets. The city of Pisa gave Fibonacci an annual pension of 20 Pisan pounds for life for service to the city.

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7 Equations for a Secure Retirement

The recession in America has caused many people to asses retirement ages. Although the recession is technically over, that doesn't mean much for the job market. As the U.S. deals with ongoing financial instability, the impact on future retirees in the U.S. is becoming clear. People will have to work longer than they used to. It might not come as a shock to most Americans that this is the case, but for younger workers the question isn't if they'll have to work longer, it's how much longer will they have to work than their parents and grandparents did?

The Current Retirement Picture Currently, the early retirement age for Americans is 62; full retirement starts at 66. The government plans to raise the retirement age incrementally. By 2022 this age will reach 67, but some experts are expecting a much more dramatic increase in the retirement age than most have anticipated previously.

Robert Benmosche, Chairman of American International Group (AIG), recently said the retirement age will "have to move to 70, 80 years old," according to an article on Bloomberg. He was speaking generally about Western countries in light of the economic problems Greece and the rest of Europe are facing. Aside from economic problems in the world, retirement is an expensive endeavor. Fidelity Investments recently released a report that said a newly retired couple can expect to pay 4% more for medical bills over the course of retirement than a couple who retired last year. They went on to say that a couple who retires now will need about $240,000 for medical expenses over the course of retirement. Unfortunately, medical costs are going up, not down. Future retirees can expect even more costs in this area. Even if the Supreme Court upholds President Obama's health care law, the impact on retirees may not be enough to offset the growing costs of medical care.

SEE: 20 Ways to Save On Medical Bills

Where the Retirement Age Is Going According to Gallup, the actual average retirement age in 1991 was 57 and the current average has stayed around 60 since 2004. In a recent poll by Gallup, most people indicated that they expected to retire at 67. So, although people are expecting to retire later, the actual statistics show that the average age at which retirees actually retired is only three years higher now than it was over 20 years ago, from 57 in 1991 to 60 today. That may change soon. If the current downturn keeps people from entering retirement, and it looks like it will, then that average may go up quickly. Many people are choosing encore careers. Encore careers are jobs people move into after their previous jobs, and work at least part time to add more money to their nest eggs.

Aside from economic woes, America is facing an aging population that is expected to drain resources in Social Security and Medicare. According to a study completed by Medill Reports, the population of those older than 65 will go from 39 million today to 89 million by 2050. An increase in the retired population may overload America's health systems and cause the retirement age to be pushed even higher.

The Bottom Line It's impossible to calculate exactly how high the retirement age could be pushed to, but many experts expect an increase. According to a New York Times article, when Social Security was first introduced life expectancy was only 63 and there were 40 workers to support each retiree. We currently have about three workers per one retiree now.

SEE: Life Expectancy: It's More Than Just A Number Because everyone's financial situation is different, retirement ages will vary among the population. An increased retirement population, a down economy and problems with government programs may all contribute to future delayed retirement for Americans.

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What Will The Maximum Retirement Age Be?

Bill Haber / AP file

Retirees of the future will find their experience much different from their parents' golden years.

By Samuel Weigley, 24/7 Wall St.

Once people reach their 50s they finally see retirement on the horizon. They start envisioning that time when they can stop going to work and instead spend their days on the golf course, on the beach or with their families. Yet many people have not saved nearly enough for retirement by the time they are 50 years old. A recent survey by the Employee Benefit Research Institute found that 60 percent of workers born between 1946 and 1964 have less than $100,000 for retirement. In fact, 40 percent have saved less than $25,000.

24/7 Wall St. interviewed retirement-related experts from brokerage firms, banks, retirement advocacy groups, and independent financial advisers. With their help, 24/7 identified the eight actions you should take if you have not prepared to retire.

Financial advisers generally recommend people begin saving for retirement starting in their 20s to take full advantage of compounding interest. Although the financial advisers who spoke to 24/7 Wall St. say it is very hard to give concrete estimates on how much should be allocated toward equities and fixed-income, they say it is best to cut risk as one approaches their target retirement age.

24/7 Wall St.: America's richest school districts

Not saving up enough for retirement used to be less of a problem. Workers in previous generations often received pensions from their employers, allowing retirees to know exactly how much money they would get once retired. But employers have increasingly shifted that responsibility onto the employees through 401k and other defined contribution plans.

These days, notes Joe Ready, executive vice president for retirement at Wells Fargo, people get married and have children later in life than previous generations. This means that it is increasingly hard to save for retirement during the 40s and 50s because they still face heavy financial obligations -- they are still paying off their mortgage, sending their children to college and so on.

The fact that many current retirees are living off pensions has conditioned younger generations to think their retirement might be the same, says Lule Demmissie, managing director of retirement for TD Ameritrade. Face it, Demmissie says, your retirement isnt your parents retirement.

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8 things to do if you haven't planned for retirement