IS THERE SUCH a thing for seniors as a "worry-free" retirement?
To find out, experts say, you first have to look backward.
Generations ago, retirement was almost unheard of by the majority of Americans.
It was only for the wealthy; middle Americans stayed on the job until they couldn't physically work anymore and turned to savings when it was time to retire.
Today, even though retirees are living well, younger Americans worry whether Social Security will be there for them.
To help you plan ahead, the editors of Kiplinger Personal Finance have updated "Retire Worry-Free: Money-Smart Ways to Build the Nest Egg You Need" (Dearborn Trade Publishing, $17.95, paperback).
It explains how to calculate the income you will need in retirement, how much to count on from Social Security and pensions and, finally, how to fill the gap.
The parents of today's Baby Boomers retired to "the good life."
Pension plans had taken off, Social Security provided a higher payment than before, and real estate values soared.
At the mandatory retirement age of 65, they were set financially, so they simply stopped and relaxed.
But while 65 is still the traditional retirement age, we're living longer, perhaps another 20 years, and need more money to finance retirement.
And then there are those wishing to stop work and enter retirement in their 50s.
The book notes that today "retirement stands for a more active and diverse lifestyle than ever."
It advises: "The reality is, the more you save now, the more options you'll have later."
You have to figure out what you can expect from your pension plan at work and where Social Security fits in.
It's crucial that you know how to protect yourself with insurance, what investment strategies work best and how to make adjustments.