(MoneyWatch) Most people spend more time planning their next vacation or car purchase than planning for their retirement and rest-of-life. That's a huge mistake. Neglecting to plan for a period of your life that might last 20 years or more -- during which you have to rely mostly on your accumulated financial resources -- could be the biggest mistake you'll ever make.

And while it's an ambitious task to plan for such an extended period of time, it's a necessary one. So it makes sense to spend a significant amount of time and effort to do the job right.

There are a number of important issues you'll need to research and think about, including:

One important step many people overlook during the planning phase involves the amount of money you need to save for retirement. According to the 2012 Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI), only 42 percent of Americans have actually calculated how much money they'll need to save for retirement. An equal percentage of Americans simply guess at this amount -- and they usually guess too low. The unfortunate result is that these people will most likely exhaust their retirement savings while they're in their 70s or 80s, and will then need to make drastic changes in their lifestyle because they no longer have enough money to maintain their standard of living.

10 Best Places to Retire

The EBRI study also showed that people who calculate how much savings they'll need are more confident about their ability to retire. So try calculating how much money you really need to save by following the steps in this post.

If you do a good job addressing the financial aspects of retirement, it's likely that your financial planning will quickly morph into life and career planning, too, especially if you see that your financial resources aren't enough for a traditional retirement of "not working." Finding that out now, however, is a good thing, since it helps you focus on what you really want for the rest of your life and what type of work you can do to generate those needed funds so that you'll be both happy and financially secure.

Retirement planning: How to do it right 4 retirement planning mistakes you may be making 5 biggest retirement planning mistakes 5 tips for using retirement calculators

While it might take some time to do it right, planning ahead means you'll learn how you can have the best possible rest-of-life and avoid common financial and lifestyle mistakes. If you take steps to avoid these retirement planning mistakes now, you can focus on what's really important -- what you want for the rest of your life and the legacy you might leave.

Want to avoid making any retirement planning mistakes? I've prepared a free, online series of posts titled 12 weeks to plan your retirement. These posts guide you through the important decisions you need to make to plan for a happy, secure future.

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The biggest retirement planning mistake of all

It's a retiree's nightmare: outliving the assets in a retirement portfolio.

Between historically low interest rates dragging on fixed-income yields and uncertainties about taxes, not to mention the threat of future inflation and volatile markets that send skittish investors seeking shelter, retirees who are living longer are finding it challenging to keep their portfolios up to speed.

Recent calculations from the Employee Benefit Research Institute show that roughly 44% of those born between 1948 and 1978baby boomers and Generation Xwon't have adequate retirement income, and that is assuming interest rates go back up in 2014. But the current environment is weighing even on those heading into retirement with what seems like a tidy sum.

Retirees need an efficient plan of attack to squeeze all the juice out of their portfolios, ensuring they have sufficient assets for their golden years. Here are some strategies:

Retirees should map out a budget for necessitiesinclude everything from housing to food, transportation, health expenses and utility billsand set aside a chunk of a portfolio for these costs.

Many planners suggest putting funds to cover three to five years' worth of expenses into safe and liquid vehicles, so the retiree has cash on hand, even if the market drops.

"That way you don't have to liquidate in a down environment," says Marty Leclerc, portfolio manager for Barrack Yard Advisors in Bryn Mawr, Pa.

Even though money-market funds are returning basically nothing, funds earmarked to be used within three years should go into these instruments, says Michael Gibney, a financial planner in Riverdale, N.J. "There is no reason to put money that will be used within a short time period at risk," he says.

For five-year time frames, look to add in a short-term bond fund or certificate of deposit to gain a little more yield, he says.

With many people living well into their 90s, retirees need to think carefully about how to protect themselves from running out of money in their later years.

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Making Your Retirement Assets Last

Almost six months after Hartford Financial Services Group Inc. (HIG) started looking for suitable divestiture opportunities for its Individual Life and Retirement Plans segments as well as the Woodbury Financial Services unit, the company announced an agreement to sell the Retirement Plans business to Massachusetts Mutual Life Insurance Company (MassMutual). The divestiture is expected to close by the end of the year, subject to the attainment of regulatory approval and other customary closing conditions.

Hartford will receive a cash ceding commission of $400 million for the transaction. However, the amount is open to adjustment before the completion of the sale.

Although the transaction is unlikely to have a material impact on the companys results on a reported basis, it is expected to boost the net statutory capital, including ceding commission and lower risk-based capital requirement, by about $600 million. The impact on the financials can be revised at the time of closure of the transaction to include the impact of market conditions, Hartfords results as well as other adjustments.

Following the closure of the deal, Hartfords Retirement Plans business will be taken over by the Retirement Services Division of MassMutual. However, the agreement allows Harford to sell new retirement plans during the transition period. MassMutual will cover the risks and expenses related to the new plans under a reinsurance agreement. The Goldman Sachs Group Inc. (GS) and Greenhill & Co. Inc. (GHL) are acting as Hartfords financial advisors for the deal.

The deal is an outcome of Hartfords plan, announced in March this year, to divest its Individual Life and Retirement Plans segments along with Woodbury Financial Services under intense pressure from its largest shareholder, John Paulson. Woodbury is an indirectly-held, wholly-owned retail broker-dealer subsidiary, included in the Individual Life segments distribution network.

Subsequently, in August, Hartford entered into a strategic alliance with American International Group Inc. (AIG) to sell Woodbury. The deal is expected to consummate by the end of this year, subject to approval by regulatory bodies. According to Reuters, Hartford will receive $90 million pursuant to this acquisition. It will also receive an additional $25 million as dividend from Woodbury.

Currently, Hartfords shares carry a short-term Zacks #3 Rank (Hold). Also, we maintain our long-term Neutral recommendation on the stock.

Read the Full Research Report on HIG

Read the Full Research Report on GS

Read the Full Research Report on GHL

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Hartford Sells Retirement Plans Biz

I'm 46 years old and for the past 22 years I've put 6% of my paycheck into my 401(k). Will I have enough to live on when I retire at 67 -- Diana B., Va.

Getting an early start on saving and sticking with it is by far the best way to gain the inside track to a secure retirement.

So the simple fact that you've contributed to your 401(k) every year since the beginning of your career leaves you in a much better position than if you had procrastinated or not saved at all.

But without knowing how much you've actually accumulated in your 401(k), I can't really say whether you're on track to retire at 67.

Fortunately, you can gauge that pretty easily yourself. Just go to a good online retirement calculator and enter such information as your salary, the current balances of your 401(k) and any other retirement accounts, a breakdown of how your savings are invested and the percentage of pay you plan to set aside annually over the next 20 years.

Once you've plugged in those figures, the calculator will estimate the probability that your projected savings plus Social Security will be able to generate enough income to support you throughout retirement

Ideally, you'd find that chances are good that you'll be able to retire on schedule at something close to your pre-retirement standard of living if you continue your current regimen.

But unless your employer has been supplementing your savings with generous employer matching funds over the years, I doubt that will be the case. Typically most people need to save between 10% and 15% of their annual income throughout their career to have a realistic shot at a secure and comfortable retirement. I suspect that a 6% annual savings rate will leave you a bit short of where you should be.

Still, even if you find that you're not as prepared for retirement at this point as you'd like, there's no reason to panic. You've still got several options for improving your prospects, and plenty of time to turn things around.

The single most effective move you can make (which I'm sure will come as no surprise) is to boost the percentage of pay that you sock away each year.

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Retirement savings: Am I on track to retire at 67?

CHARLOTTE, N.C. Nearly half of American voters say they'll vote against Barack Obama no matter what.

That doesn't give the Democratic president much wiggle room as he tries to win re-election in a politically polarized America amid a weak recovery from the worst economic downturn since the Great Depression.

So, with the presidential contest up for grabs, what does Obama need to do at the Democratic National Convention to take a clear lead against Republican challenger Mitt Romney?

Here are five things that would make President Obama's week successful:

Take back the mantle of "strong leader"

Obama-bashers at the Republican National Convention scored some political points last week when they attacked the president's leadership skills, his ability (and willingness) to transcend partisanship and, as former Secretary of State Condoleezza Rice put it, "leading from behind" on foreign policy. Democratic convention planners need to convince undecided voters that Obama is a bold leader who ordered the raid that killed Osama bin Laden, a courageous leader who fought for an auto industry bailout despite strong public opposition and a tough leader who fought Republican obstructionists as he tried to keep the economy from slipping into depression.

Perception is reality in American politics. President Obama needs to change public perceptions.

Reduce the Democratic Party's enthusiasm gap

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5 ways Obama can make convention a success

CHARLOTTE, N.C. San Antonio Mayor Julian Castro stepped into the national spotlight at the Democratic National Convention on Tuesday night with a soaring speech that evoked the struggles of his Mexican immigrant ancestors and how they paved the way for his success.

"The American Dream is not a sprint, or even a marathon, but a relay," Castro told the cheering convention delegates.

Castro said his family's personal story highlights the choices Americans face in the election: Americans can chose President Barack Obama's policies, which he said invest in future generations, or chose his Republican rival's plan that he said helps the wealthy few.

And Castro brought the yelling delegates to their feet when he declared: "With the opportunity we build today for a shared prosperity tomorrow, America will prevail."

Castro spoke for 20 minutes as the showcase orator at Time Warner Cable Arena. Texas delegates shoehorned into the back of the arena stomped and waved blue and red placards during his speech.

Comparisons to Obama

Castro, 37, became the first Latino to give the keynote speech at the Democratic National Convention, a fact that underscores the importance of Hispanics to Obama in the Nov. 6 election.

The selection of Castro to keynote the convention also drew comparisons to Obama, whose "audacity of hope" speech at the Democrats' 2004 convention in Boston helped propel him to the U.S. Senate and later the presidency.

Castro spoke of humble beginnings and public assistance to achieve his dream - to be the mayor of San Antonio, the city of his birth.

Castro was introduced to the convention by his twin brother, Joaquin, placing them together on a national stage during prime-time television for the first time.

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Castro shares personal story during historic DNC keynote

DALLAS & FORT WORTH, Texas--(BUSINESS WIRE)--

Mouser Electronics, Inc., a leading global authorized distributor for semiconductors and electronic components, salutes Maxim Integrated on their striking new branding initiative. The new Maxim Integrated is being unveiled today with the ringing of the opening bell on NASDAQ.

Founded in 1983, California-based Maxim Integrated is a worldwide leader in the design, development, and manufacture of analog and mixed-signal, high-frequency integrated circuits. A sampling of the applications for Maxim circuits includes consumer electronics, personal computers and peripherals, handheld electronics, wireless and fiber communications, test equipment, instrumentation, video displays, and automotive applications. Mouser strives to have the newest Maxim products in inventory and currently stocks the worlds widest selection of Maxim products for immediate shipment. Visit http://www.mouser.com/maximic to see their new branding and a complete listing of the Maxim products, reference designs, and many other tools for design engineers and buyers.

Our partnership with Maxim has been a tremendous success for us, and a huge benefit to our customers, says Mike Scott, Mouser Electronics Vice President of Semiconductors. Today is an exciting time for Maxim and we are proud to support them in their endeavors as a strategic partner. We look forward to many years of continued success together.

With its broad product line and unsurpassed customer service, Mouser caters to design engineers and buyers by delivering Whats Next in advanced technologies. Mouser offers customers 19 global support locations and stocks the worlds widest selection of the latest semiconductors and electronic components for the newest design projects.Mouser Electronics website is updated daily and searches more than 8.9 million products to locate over 3 million orderable part numbers available for easy online purchase. Mouser.com also houses an industry-first interactive catalog, data sheets, supplier-specific reference designs, application notes, technical design information, and engineering tools.

About Mouser Electronics

Mouser Electronics, a subsidiary of TTI, Inc., is part of Warren Buffett's Berkshire Hathaway family of companies. Mouser is an award-winning, authorized semiconductor and electronic component distributor, focused on the rapid introduction of new products and technologies to electronic design engineers and buyers. Mouser.com features more than 3 million products online from more than 450 manufacturers. Mouser publishes multiple catalogs per year providing designers with up-to-date data on the components now available for the next generation of electronic devices. Mouser ships globally to over 375,000 customers in 170 countries from its 492,000 sq. ft. state-of-the-art facility south of Dallas, Texas. For more information, visit http://www.mouser.com.

About Maxim Integrated

Maxim makes highly integrated analog and mixed-signal semiconductors. Maxim reported revenue of approximately $2.4 billion for fiscal 2012. For more information, go to http://www.maxim-ic.com.

Trademarks

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Mouser Electronics Congratulates Maxim Integrated on Global Success

Lionel Messi has revealed that it is his dream to become successful with Argentina, ahead of his side's 2014 World Cup qualifiers against Paraguay and Peru.

The diminutive forward is regarded as arguably the best player of his generation, having enjoyed enormous acclaim at club level with Barcelona since his debut in 2004.

However, he has come in for criticism following his failure thus far to inspire Argentina to a major trophy - something the superstar is desperate to put right.

"I have had the good fortune to win trophies with my team and on a personal level," he told reporters. "I am missing one with the senior team. That is my dream. It is a difficult road to the World Cup."

The Albiceleste currently sit third of nine teams in the South American zone after three wins, one draw and a defeat in their first five games, and Messi insists his country must approach the next two matches with a positive mindset.

"Paraguay and Peru will be two difficult opponents, all the games in qualifying are difficult," he added. "The qualifiers are very tough and we must keep growing as a team. Against Paraguay we must have the ball and attack because we know they are a hard team.

"We are getting results and we can work calmly. We hope to continue like this in our next two games. You cannot drop points at home, and we want to play well, but the most important thing is to win. We will try and play well and excite the fans."

Nonetheless, Argentina seems to have turned the corner under new boss Alejandro Sabella, with five straight wins for the team, including emphatic friendly victories over Brazil and Germany.

Messi has played a key role in the recent run, recording hat tricks against the Selecao and Switzerland, and he attributes his improved form to the country's passionate support.

"I do not know if this is my best year with the national team," he remarked. "We have won a few games in a row and it is a while since we managed that. I played well at the Copa America, then there were some ups and downs, now I am enjoying how it is going.

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Messi eyes 'dream' success with Argentina

ScienceDaily (Sep. 5, 2012) During adolescence, the stories young people tell about themselves reflects their development of a personal identity and sense of self, and those autobiographical narratives vary depending on the teens' gender, according to a University of Missouri psychologist and her colleagues. Parents can use this knowledge of how teens talk about themselves to help understand the tumultuous transitions of their children into adults.

"Autobiographical stories tell us details about adolescent psychology that questionnaires and observations of behavior cannot," said Jennifer Bohanek, assistant professor of psychological sciences in the College of Arts and Science. "Narratives provide information about how adolescents interpret memories as well as how they come to know themselves. Other people then come to know the teens by the stories they tell about themselves. The differences between study participants' stories suggest there may be differences in the way male and female teens understand themselves and present themselves to the world."

Bohanek and her colleagues found that females tended to tell longer, more coherent stories. Females' stories were also generally more detailed and contained more descriptions of their own internal emotional states. Males' stories tended to be more matter-of-fact and showed less self-reflection. These differences were consistent in both positive and negative stories. The researchers suggested that the gender differences may indicate females have a greater inclination to reflect on past experiences and use their memories to give personal meaning to past events.

To conduct her study, Bohanek and her colleagues asked 65 adolescents between 13 and 16 years of age to narrate two positive and two negative stories. The teens came from racially and economically diverse backgrounds. The study was conducted in the teens' homes by one or two female research assistants. The teens' stories were then analyzed for coherence, theme, narrative development and self-reflection.

"Our study filled an important gap in the research on autobiographical narratives," said Bohanek. "Previous studies looked at gender differences in children's and adults' storytelling. Other research has found there are differences in the ways parents tell stories to male and female children as well as differences in how emotional content was explained. Other studies found that families talked about past events every five minutes on average, so reflecting on the past seems to have an important influence on family relationships. Our study suggests that these interactions may affect adolescents as they develop their own definition of themselves."

The study, "Gender Differences in Adolescents' Autobiographical Narratives," was published in the Journal of Cognition and Development. Lead author was Robyn Fivush of Emory University. Co-authors were Widaad Zaman of Emory University and Sally Grapin of Brown University.

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The above story is reprinted from materials provided by University of Missouri-Columbia.

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Teens tell different tales about themselves depending on gender

Cupertino, Calif., Sept. 5, 2012 (GLOBE NEWSWIRE) -- Most everyone has personal devices that they want to be able to use for work. Whether it's their smartphone, personal laptop or the tablet they got for their birthday, employees want to be able to use their own device, connect to the corporate network and conduct business. While personal mobile device use can help boost productivity, organizations that quickly endorse BYOD can introduce serious security gaps. So what kinds of BYOD risks need to be managed, how can you obtain BYOD policy acceptance, and how can you limit mobile device exposures?

A new SANS webcast, "Architecting a Flexible Strategy for Securing Enterprise and Personal Mobile Devices (BYOD)," will answer these questions and more. The expert session will examine BYOD trends and risks, the mobile security landscape, policy development and control options. The session will also present a tiered service approach to enterprise mobile security, where complementary controls can offer necessary network and device level defenses to enable IT organizations the means to realize mobility advantages and reduce security threats.

The webcast will be led by guest speaker Phil Hochmuth, security program analyst at IDC, who will be joined by Scott Gordon, vice president at ForeScout Technologies Inc.

This SANS webcast, sponsored by ForeScout, will take place on Thursday, September 14, 2012 at 1:00 PM EDT/10:00 AM PDT. ForeScout invites users and media to register for the webcast at: http://www.forescout.com/byodflex. As a special bonus, registrants will receive a complimentary, in-depth IDC white paper on the issues presented.

The webcast presents proven process and technology considerations that InfoSec professionals can put to immediate use. Other topics that will be addressed include:

About ForeScout Technologies, Inc. ForeScout enables organizations to accelerate productivity and connectivity by allowing users to access corporate network resources where, how and when needed without compromising security. ForeScout's automated solutions for network access control, mobile security, endpoint compliance and threat prevention empower IT agility while preempting risks and eliminating remediation costs. Because the ForeScout CounterACT platform is easy to deploy, unobtrusive, intelligent and scalable, it has been chosen by more than 1,300 of the world's most secure enterprises and military installations for global deployments spanning 37 countries. Headquartered in Cupertino, California, ForeScout delivers its solutions through its network of authorized partners worldwide. Learn more at http://www.forescout.com.

ForeScout Technologies, Inc. is a privately held Delaware corporation. ForeScout, the ForeScout logo, CounterACT and ActiveResponse are trademarks of ForeScout. Other names mentioned may be trademarks of their respective owners.

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ForeScout Sponsors SANS Webcast: "Architecting a Flexible Strategy for Securing Enterprise and Personal Mobile Devices ...