ORLANDO, Fla.Don Kovac inserts a key, turns the lock and steps back in time. The one-bedroom, one-bath unit built in the 1960s has low ceilings, a small kitchen, little closets and 557 square feet reflecting a generation that didnt require much space in retirement.

This is not what the baby boomers want in a retirement community. They want big kitchens with granite countertops and stainless steel appliances, walk-in closets, showers instead of tubs (unless they are Jacuzzis), wall space for flat-screen televisions and wireless Internet access.

And this is why Lutheran Haven in Oviedo, Fla., is part of a national trend that finds retirement communities reinventing themselves for the next generation of retirees, the silver tsunami of Americans just now entering their 60s.

The baby boomers want fitness, dining and fellowship, said Kovac, executive director of Lutheran Haven. We have no fitness equipment. We have a horseshoe pit nobody uses and a shuffleboard court. I dont think the boomers are going to want a shuffleboard court.

Elsewhere, retirement communities are linking with universities to attract college-educated boomers interested in lifelong learning. Glen

Meadows, in Glen Arm, Md., boasts of becoming the first in the nation to offer Masterpiece Living a program that stresses social, physical, spiritual and intellectual fulfillment.

CantaMia, a retirement community in Arizona, recently won recognition for its development specifically designed for boomers, including solar-heated green homes and a 30,000- square-foot facility that offers healthy cooking classes, Zumba, an indoor lap pool and a resort-style outdoor pool.

The wave of retirees is not here yet the first boomer turned 60 in 2006 but they are coming, and the retirement industry is already preparing for their arrival.

We need to start looking at this now, Kovac said. The wave is coming, and our campus is aging.

The transformation is taking place from working-class retirement communities such as Lutheran Haven to upscale facilities such as the Mayflower in Winter Park, Fla. Lutheran Havens most expensive unit, at $133,000, is about what the Mayflower charges for its entry-level apartment. Mayflowers most expensive is $670,170, along with a monthly fee of $3,886.

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Retirement communities being restyled to suit greater demands of baby boomers

This morning, April 23rd, former Philadelphia Eagles and Denver Broncos safety Brian Dawkins announced his retirement, and the end of a 16 year NFL career, on the social media site Twitter.While there had been rumors that he was considering retirement, his fans are still sad to see this future Hall of Famer leave the sport.

Dawkins tweeted, "The Lord has blessed me to play in the NFL for 16 years. I would like to thank the Eagles & the Broncos 4 believing in me. I would like 2 thank all my teammates & Coaches that I have been blessed 2 go to battle with. Along with u, the fans 4 helping make my career 1 that I have enjoyed tremendously. In other words. I am announcing my retirement from the NFL #BBTB"

Given the announcement was on Twitter, his fans were quick to begin tweeting and Dawkins was soon trending. Here is what a few of his fans had to say:

Eric de le Sprecher tweeted, "Congrats Brian Dawkins for a great career in the NFL. This definitely shakes up the Bronco's D and draft scheme." As a Broncos fan, I can definitely say that Dawkins will be missed this season. I was hoping that Dawkins could have had another chance at the Super Bowl this year with Peyton Manning leading the team.

Denver Broncos fans are not the only ones sad to see Dawkins retiring. Eagles fan @scarroll13 tweets out, "Sad day in Eagles Nation - Brian Dawkins, a true legend (& my favorite pro athlete of all-time) is retiring #20B-Dawk"

Jake Sagal showed his appreciation of Dawkins by tweeting, "Thank you Brian Dawkins for 16 amazing seasons. I'm gonna miss seeing #20 make amazing plays out of nowhere. Thank you Brian."

Many question why Dawkins decided to retire before this season and a chance to play with Manning. Lushi Dia tweeted, "Why would Brian Dawkins retire?!?!! Wait at least after this year to see what Manning has left in him.."

However, the biggest question now regarding Dawkins retirement is if it will be as a Philadelphia Eagles member once again. According to reports, the Eagles have extended an invitation to Dawkins to return and retire with the Eagles during a game this season. CSNPhilly.com beat writer Reuben Frank has reported via Twitter, "Dawk has told the Eagles he'll retire as an Eagle. He'll be honored at a game this year. Might even be in town this week to talk about it." I guess we will just need to keep an eye on Twitter for the official word from Dawkins.

As a Broncos fan, I would like to extend a huge thank you to Dawkins for his time with the Broncos. He will definitely be missed this season.

Deborah Braconnier is a former athlete and avid football fan. She is a freelance writer and Featured Contributor for the NFL and Olympics. She has followed the Denver Broncos since she was a child and is looking forward to a season with QB Peyton Manning. Follow her on Twitter at @fwcdeborah.

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Brian Dawkins Announces Retirement from NFL Via Twitter and Twitter Responds: Fan Perspective

It's never too late to start planning your retirement security. Here's a one-size-fits-all strategy that will help secure an adequate stream of income in your later years.

With the giant baby boom generation entering traditional retirement years largely under-saved, the issue of how to secure adequate income for these years has been thrust under a national, if not global, spotlight. Thankfully, this is a fixable problem.

In a new study, Fidelity Investments and Strategic Advisers found that 38% of current retirees do not have enough income to cover their fixed monthly costs and that working Americans can expect a 28% income drop after they retire. Thats a sizable hole to plug and its made deeper by some false illusions.

(MORE: More Americans Flunk Themselves in Personal Finance)

For example, 66% of workers plan to work past their normal retirement age in order to make ends meet. But in reality only 12% will. Joblessness is part of the issue. But so is poor health. In fact, while just 34% of todays workers expect to be in fair or poor health at retirement age, the reality is that 43% will experience significant decline, according to the study.

These findings underscore the yawning need for more retirement security, and according to Fidelity the fix is much the same for every age groupthough the earlier you start the more certain the results. In a nutshell, here are five steps to adequate retirement income, regardless of age:

How do these steps fill the gaps? Lets look at a typical Generation X worker (aged 34 to 47). On average, in retirement this worker anticipates needing $4,900 of monthly income (in todays dollars). Yet looking at this workers assets and savings rate, the study found likely monthly income would be just $3,200 (through Social Security, pensions and savings withdrawals). That leaves a gap of $1,700 a month.

This worker can close the gap through the steps above. Heres how it works:

Start with asset allocation. Most of Gen X is way too conservative with just 50% invested in stocks. At 37, exposure should be 83%. Greater growth potential over the next 30 years translates into another $350 of monthly income in retirement. Savings? The typical Gen Xer is socking away 5% of pre-tax earnings in a tax-favored account. By increasing that rate one percentage point each year until the rate reaches 10%, and then maintaining it, the worker adds $550 of monthly income.

(MORE: Inside the Presidents Club)

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Retirement Income: 5 Steps to Fill the Gaps

The average baby boomer will fall far short on their necessary retirement income.

About 44% short.

Thats the grim prediction in a new study by Fidelity Investments which looked at average amounts saved, projected Social Security benefits, home equity and other factors across three demographic groups: baby boomers, Gen-Xers, and Generation Y (aka echo boomers).

Like the massive RETIRE Project Georgia State University conducted for decades, the Fidelity study assumes that because some expenses decline once you retire, you dont need as much income to maintain your standard of living.

But thats about where the similarity ends.

While the GSU study(1) estimates that an individual earning $50,000 to $90,000 per year needs to replace 80% of that amount the first year of retirement in order to maintain their standard of living, this amount includes the taxes youll still have to pay on some of your income/ On the other hand, the Fidelity study also assumes youll need 80% of your pre-retirement income, but on an after-tax basis.(2) As a result, the before-tax income you will need will actually be 25% higher than the monthly amount cited.

Numbers Dont Lie. Humans Do

Another potential flaw in the Fidelity Retirement Savings Assessment study is that it relied on self-reported data, which can be less than accurate compared to independent sources for income and account balances. For instance, the average Gen-X worker was found to have a median age of 37 and a current income of $72,000 before taxes. The average baby boomer- age 55- reported annual earnings of $74,000- just $2,000 a year higher. It seems a bit improbable that a 55 year old would only have a $2,000 income edge over someone 20 years younger.

Finally, while the survey included roughly 3,000 individuals ages 25 to 85, it was conducted entirely online, which naturally eliminates individuals who do not have access to a computer or wish to take the time to fill out an extensive survey.

The Shocking Shortfall

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Scary Retirement Numbers--No Matter How You Calculate Them

Retirement might seem like the last priority for small-business owners. But funding your retirement plan can save 30 to 40 cents on the dollar because of tax breaks.

If you started a business during the last few years, and then watched too much of your earnings evaporate at tax time, you might be able to change that.

If you aren't putting any money into aretirementsavings plan for your business, you are probably giving more than is necessary to Uncle Sam and short-changing your future too. And that is easy to fix.

It might seem like a mistake to stash anything away forretirementnow when your business is demanding so much cash and time. But becauseretirementsavings plans give you a tax break upfront when you contribute money to them, you can often stretch your money further simply by using one of these plans.

"Aretirementplan is critical," said Robert Keebler, a Green Bay, Wis., certified public accountant. "For every dollar you put away, you can save about 30 to 40 cents in taxes."

And once your money is in aretirementplan, Uncle Sam won't touch it until youretireand start pulling money out for living expenses after age 59 {. The money remains off-limits to taxes untilretirement, a much better alternative than keeping it in a bank savings account, where interest is taxed annually.

If you are a sole proprietor with no employees, setting up aretirementplan is almost as easy as opening a savings account. So you don't have to worry about another headache added to the demands of the day. "You go to a broker like TD Ameritrade or a mutualfundcompany like Fidelity, tell them you want to set up an individual 401(k), and that's it," said Denise Appleby, chief executive of ApplebyRetirementConsulting of Grayson, Ga. "It's simple."

The best plan for sheltering as much money as possible from taxes, she said, would be a solo 401(k). The amount you can save is based on a formula applied to your compensation.

For example, say you earn $100,000. Just like any 401(k), you will be able to contribute up to $17,000 as an employee in 2012. And anything you contribute will lower your taxable income. And, as a sole proprietor, you get an extra benefit. As the employer, you can also contribute about $18,000 through the company to your own 401(k), Appleby said. Your business then gets the benefit of reducing taxes by taking an $18,000 deduction.

So as you combine the $17,000 and $18,000, you come up with about a $35,000 contribution to yourretirement, and you get tax benefits on the entire amount. Try the calculator at http://www.tinyurl.com/smallbiz401k.

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Retirement strategy for small-business owners: Grab the tax break

Everyone wants to know how much money they need to save for retirement. When planning, don't forget to account for inflation and fluctuations in investment returns, Hamm says.

Over the last few months, Ive read several articles that center around the idea that people should be saving every possible dime that they can for retirement. For example, Daily Finance recently had an article entitled Forget the 4% Rule: Retirements Common Wisdom Is Obsolete:

The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds we just want simple ways to manage our finances and save a little money.

The theory was simple: If you spent a maximum of 4% per year of your retirement funds, the decline in principle will be slow enough that your money would last as long as you did. Though the percentage seems modest and the reasoning sound, this 4% rule ignores two factors that have become increasingly, glaringly relevant: first, market volatility, which has battered retirement savings over the last decade, and second, inflation, the silent force that erodes purchasing power year after year.

What does that mean?

The other issue with basing your retirement plan on simple rules is that it can lead to complacency. But the idea that you can set it and forget it and everything will be fine is a trap.

There are so many experts telling people different things, that theyre not going to have to worry, DArruda said. A rule means something in writing, something enforceable. But in retirement planning, theres a fluctuating source. You cant take a guarantee.

Lets look at an example case from a reader that Ill call Marvin.

Marvin has $800,000 put away for retirement, mostly in really conservative stuff like bonds and cash. Overall, hes earning about 2% a year on his money. He was bitten by the stock market collapse in 2008 and doesnt want his money in stocks. Marvin wants to retire in ten years, so he wanted to know how much money he should be putting away.

I asked him a few questions. How much does he anticipate spending (in current dollars) per year in retirement? He told me about $50,000. What will his Social Security benefits look like? He estimated around $1,500 a month (adding up to about $18,000 a year).

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Retirement savings: How much is enough?

Even if you have enough money saved to support yourself throughout your retirement, you might still want to work for the intellectual stimulation and camaraderie a job environment offers. Many older workers would prefer to stay somewhat connected to the workforce instead of pursuing full-time retirement.

Most older workers (65%) say they would ideally like to include some form of work in their retirement, according to a 2011 Harris Interactive survey of 1,001 people age 55 and older commissioned by SunAmerica. But only 4% of the survey respondents want to work full time in retirement. A quarter of older workers would prefer to work part time, and 36% want to go back and forth between periods of work and leisure.

Most of us would like to enjoy some time away from the hustle of the working world. And yet, work does have positive aspects. Wouldn't it be nice to have the best of both worlds, with time to enjoy retirement as well as time dedicated to work?

Part-time retirement also allows you to address one of my biggest retirement fears, which is becoming bored as a retiree. As a part-time retiree, whenever you have had enough recharging and find yourself searching for things to do to keep busy and engaged, you can start looking for your next work opportunity. By continuing to engage with the working world on a somewhat regular basis, you will meet a new group of people and assume responsibilities requiring your mental effort and learned skills. You will not have time to be bored.

However, this dynamic retirement strategy may not be for everyone and comes with risks. You will need to save up for an extended period of unemployment and could be offered a reduced salary at a new job. You also might not be able to fully enjoy your time off knowing that you will need to find another job at some point. Part-time retirees need to decide whether to continue to invest in learning new skills and technologies and compete with younger workers who are eager to prove themselves.

It might take some experimentation to find a role that suits you, while also allowing enough of the free time you crave. If one job does not work out, you might need to find another or extend your retirement phase a bit longer. This variety and change could be exciting, and you will have a considerable amount of control over when and how you work. But part-time retirement could also be stressful if job offers are not forthcoming when you want or expect them to be.

For me, the ideal would be a cycle of working for one year and then taking three months of retirement. During the first retirement weeks I would take care of my to-do list. Then I would take an extended journey of three to four weeks. After that I would start researching and gearing up for my next job adventure. With such a plan, there is always something new and fresh on the horizon.

More from U.S. News & World Report:

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Is part-time retirement for you?

BOSTON--(BUSINESS WIRE)--

Fidelity Investments, the leader in helping Americans save for retirement1, today unveiled its Retirement Savings Assessment, the first industry analysis that provides actionable and quantifiable steps across three generations (Baby Boomers born between 19461964, X born between 19651978 and Y born between 1979 1991) to potentially help close their estimated retirement income gaps.

The research finds working American households may experience a potential income drop of 28 percent in retirement2, and nearly four-in-ten (38 percent) retiree households report not having sufficient income to cover their monthly expenses. These estimated retirement income gaps could force significant sacrifices that could include cuts in discretionary expenses. To help improve Americans retirement readiness, Fidelity conducted an analysis that quantifies the potential monetary benefits of five straight-forward steps such as adjusting asset allocation and annuitizing retirement assets. Within the context of a comprehensive retirement plan, this analysis can help individuals better understand which steps may make the greatest impact.

While there is evidence that Americans are saving more for retirement, our analysis finds that they need to take additional steps to prepare for the future and take better control of their personal economy, said Kathleen A. Murphy, president, Personal Investing, Fidelity Investments. The study underscores the importance of early engagement in the retirement planning process and the potential impact these five actionable steps can have in helping address the retirement income gap that many Americans are facing today.

Five Steps That Can Improve Monthly Income in Retirement

Based on the analysis, Fidelity modeled five steps for three generations (Baby Boomers, X and Y) to determine the potential impact on future retirement income. The steps, which are actions often considered when developing and implementing a comprehensive retirement plan, include a mix of strategies that can be taken now, whether an investor is working or in retirement:

Most Americans have the potential to get significantly closer to achieving their retirement goals, but they have to take action and consider implementing a mix of these five steps, said Murphy. Whether youre a younger investor deciding to save a little more in a 401(k) or an older investor adjusting investment plans, its never too early or too late to impact your personal economy and take steps to improve your retirement readiness.

To help Americans take steps to improve their current retirement plan, Fidelity published a Viewpoints article today titled Dont take a lifestyle cut in retirement. The article outlines the five steps and the hypothetical impact of each for a Baby Boomer and Generation X household.

As highlighted within the Viewpoints article, the following hypothetical example outlines the profile of a Generation X household, based on the age groups survey responses4. This generation reported an estimated need of $4,900 in monthly retirement income. Based on their current household salary of $74,000 and the amount currently saved for retirement, Fidelity estimates these households will have approximately $3,200 in monthly retirement income, which represents a shortfall of $1,700 a month (see chart for complete methodology). After applying all five steps to the Generation X household, the estimated retirement income shortfall could be completely erased. The accompanying graphic depicts the potential impact of each step individually and also if taken together (For all generational graphics, please click here):

About the Generation X Graphic Methodology

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Fidelity Retirement Savings Assessment Finds Working Americans Facing Significant Drop in Income in Retirement

As kids, they sat on gas lines in the backs of their parents cars. As young adults, they saw the stock market crash, and when it finally came time to settle down, they bought a house at the peak of the housing bubble and then were faced with the worst economy since the Great Depression.

Its no shock that Generation X those born from 1965 to 1981 may get short changed in their golden years.

Though theyve watched parents and grandparents nestled with pensions, Social Security and strong economic growth, these are no longer guarantees. On the other hand, longer life spans with more medical bills and greater need for cash are the reality for many.

Gen X is the first generation to deal with the fact that the models of American retirement are changing and its members are flustered. The generation once called slackers has been true to form with retirement planning.

There's nothing cuter than viral videos of little kids being adorable, except maybe little kids being crabby. Kathie Lee a...

Gen X is a transition generation, says Carol ORourke, a certified financial planner and Executive Director for the Coalition for Debtor Education in New York City. Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to.

According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are "very confident" about having enough money to live comfortably during retirement, cover their medical expenses, and pay for their childrens higher education.

Just 41 percent of the group have tried to figure out how much money they will ultimately need to save for retirement, and among those who have saved, half have amassed less than $100,000.

Even though they have a longer time horizon toward retirement, there has been a tremendous emotional impact on their confidence in the future. What are they going to do to be sure that they have enough? adds Cathy Weatherford, IRI president and CEO.

Along the same lines, a November 2011 report from the Guardian Life Insurance Company of found 82 percent of Xers believe the economy is headed in the wrong direction.

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Retirement for Gen X workers? Get real

A House committee has approved a bill that would allow federal employees to phase into retirement by working part-time and collecting a partial annuity, while a Senate panel has brought out a budget plan that calls for making federal retirement benefits less generous.

The bill approved Wednesday by the House Oversight and Government Reform Committee with bipartisan support mirrors language passed by the Senate last month as part of a transportation bill that is now stalled.

Under current law, the salaries of federal retirees who return to work for the government are reduced by the amount of their annuities, with some exceptions allowing for full payment of both. The phased retirement plan, which the Obama administration has proposed several times, would allow retirees to work one to four days a week, drawing a proportionate salary and a proportionate annuity.

The plan expects that phased retirees would spend a fifth of their time mentoring younger employees, and that savings of more than $460 million over 10 years would be achieved by not hiring full-time replacements and by paying only partial annuities.

Employees would like to work part time, and we would like them to be able to, said committee Chairman Darrell Issa (R-Calif.). He said phased retirement is a common practice in the private sector and noted that under the bill, it would be voluntary for federal retirees and available only at agencies discretion.

Currently, many federal employees retire from government service on a Friday and come back on a Monday either as a rehired annuitant or as a contractor, he said. However, the exceptions allowing both a full salary and full retirement benefits are rare, and if you tell people that if they keep working they only get half-pay or quarter-pay, youre effectively telling them to retire now.

The panels ranking Democrat, Rep. Elijah E. Cummings (Md.), said, This bill will enable employees to ease into retirement and enable agencies to benefit from the institutional knowledge of their most senior employees.

The committee accepted an amendment that would allow employees to deposit in their Thrift Savings Plan (TSP) accounts the value of unused annual leave they receive upon separation or retirement.

The lawmakers also approved a bill that would require new standards for customer service at federal agencies and make compliance with those standards part of employees performance evaluations, and a bill that would clarify that TSP accounts are subject to federal tax levies, an issue that has been in dispute.

In the Senate, a plan offered by Budget Committee Chairman Kent Conrad (D-N.D.) contains several employee-related provisions based on proposals made by the Simpson-Bowles deficit-reduction commission in 2010.

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Bill for phased retirement moves in House