Like most everything, a strong foundation is always essential to success and longevity. The 3 paramount concepts to a successful retirement plan are: compounding of interest, tax deferred growth, and hedging inflation. An investment earning 6% in a 25% taxable account with inflation at 3% is only growing at 1.5% net. Even at an 8% return, net growth is only 3%. The "Rule of 72" ( how long it takes money to double) tells us that at 3% net it would take 24 years for a dollar to double. While there are relatively safe investments averaging 9-10% returns ( doubling your investment in 7or 8 years ) often times costs associated with these investments in reality dilute the actual returns back to the 5-6% range. Increasing the time to double your dollars to 12-14 years. If you are 45 expecting to retire in 20 years, you don't have enough time. 

To determine if you are on track to reach your retirement goals ( normally 70% of current total income adjusted for inflation ) you will need to gather a few pieces of information. First look at your Social Security Statement. This will tell you the monthly amount you can expect at your retirement age. Next determine any pension pay-out from your employment. Your company benefits resource can help you find this amount. Finally look at current investment accounts such as 401-K , IRA's, & Individual Investments ( along with any other tax deferred savings plans. ie; annuities, bonds, 403-B & 457 plans ) you will also need to know what your annual contribution to your retirement plans is on an annual basis. Some people intend to use equity built in their homes through Home Equity Loans or Reverse Mortgages as a supplement.

It is important that your plan does not run out of money. With people living longer often into their 90's you must determine that the amount you take out of your assets does not exceed the average earnings. If your investment is earning net 6% ( after any taxes and expenses ) you should not take out more than that amount on an annual basis. A properly designed retirement plan will not run out of money, especially at a time in life when your ability to earn an income is potentially reduced.

There are computer programs which can assist the do it yourself person with regards to developing a Successful Strategy, however as with most things truly important I suggest seeking the advise of a qualified Financial Advisor. Financial Planning Specialists have the tools and programs that can assist you in developing a sound retirement plan. Look for advisors who will offer suggestions and develop a plan at no-cost to you, and receive their compensation only from products you may decide to invest in through them and then only after a full disclosure of your costs and their compensation. Remember, saving for retirement is a journey taking time and proper planning and not a quick sprint.