Consider other sources of income
Social Security is just one piece of the retirement income puzzle; other considerations include any pensions, retirement accounts and your house as potential income sources.
"Do I work part time? Do I draw out of retirement accounts? In what sequence and how much?" Masiello says.
Here's another thing to think about: How secure does your income need to be? For instance, if the bulk of your money is in retirement accounts, investment planning will be crucial for a smooth transition into retirement.
"If you put it in stocks and draw money out of it, you're bearing risk. If you can cut your spending, you're cutting your risk. If the market really goes down, what will you lose: Your house? Your insurance?" asks Sass. "That can help determine your asset allocation."
Of course, you do also have to invest with the idea that you may live 20, 30 or 40 more years. Investing for growth generally requires that you assume more risk.
There are so many permutations; the ideal scenario will be different for everyone. Start early, plan hard.