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.

Tip #3: Taking the Next Step(s)

Our fund is ideal for someone four to five years away from retirement and currently in a high-income tax bracket. It gives them cash flow for about four years with very little tax effect. Then, when the depreciation runs out, it comes at a time when they've retired and fallen into a lower tax bracket anyway.

Well, today people have to be self-reliant if they want a secure retirement income.

Savings is an important habit. Ideally, I say, we should save 15 percent of income. Ten percent for retirement and 5 percent for other things.

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.