2 steps for developing a retirement plan

One of the weaknesses suggested in the latest Retirement Confidence Survey is the lack of planning for many workers.

Here are two steps to take to help you get on track:

Find out where you stand by using calculators at websites like Americarebuilds.com or Choosetosave.com. These tools will help determine how much you should be saving. Typically, advisers recommend saving between 11 percent and 15 percent of pay. The average worker currently puts aside just under 8 percent, research shows.

Create a retirement savings plan for yourself. As the survey shows, many people guess. A written plan provides much more insight into how much you can realistically save and when you can afford to retire. A plan should include estimating how much you can expect from Social Security, which can be calculated at: www.ssa.gov/planners/calculators.htm.

The Department of Labor offers 10 ways to prepare for retirement here: http://tinyurl.com/6hmpw6w. A plan should also include estimated basic living costs and estimated health care expenses in retirement.

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2011 Retirement Confidence Survey: http://www.ebri.org/publications/ib/index.cfm?faibDisp&content-id4772