It's clear that people currently working should factor into their retirement planning the long-term trend away from traditional defined benefit pensions. That means people need to be saving more than they are.

Tip #3: Taking the Next Step(s)

People typically take a cue from their parents' generation ? which had pension plans and retiree health programs. And they know they're making more money than their parents did.

If you're doing retirement planning you realize it's a long-term venture. If you have some extra money, now is the time to buy something for 20 years form now.

You don't know what you don't know

Some financial planners are planning for 95 or 100 percent of your income today is what you'll need during retirement. There are a bunch of calculations online, but they all use different assumptions. You can come up with these figures, but they may not be right.