Retirement. When one thinks of retirement, wonderful images of being on vacation all of the time, sleeping late, traveling and having enough time to take up those hobbies you always wanted to indulge in, come to mind. But, will you be able to live out the golden years doing what you’ve always dreamed retirement would be like?

Fewer than half of Americans have calculated how much money they will need to save for retirement. In 2010, 30 percent of private industry workers with access to a defined contribution plan (such as a 401(k) plan) did not participate. If your employer offers a retirement savings plan, sign up and contribute all you can. Statistics show Americans save more through their workplace. Experts estimate you will need approximately 70 percent of your pre retirement income - lower earners, 90 percent or more-to maintain your standard of living when you stop working.

Follow these tips to prepare for retirement:

1. Start saving, keep saving and stick to your goals.
2. Calculate your retirement needs – the average American spends 20 years in retirement
3. Contribute to your employer’s retirement savings plan
4. Educate yourself about your employer’s pension plan
5. Consider basic investment principles. How you save can be as important as how much you save.
6. DON’T touch your retirement savings.
7. Open an Individual Retirement Account (IRA)
8. Estimate your Social Security benefits using the retirement estimator
9. Ask questions – talk to your employer, your bank or a financial advisor until you understand the
answers.

National Save 4 Retirement Week (October18 - 24) is just around the corner.