Retirement planning strategies: 50 and beyond
By Leslie Haggin Geary • Bankrate.com

It's crunch time! There's no way around it. The result of a lifetime of money habits will make itself abundantly clear. Your financial future depends now on a candid assessment of how well you've stuck to planning thus far.

Kick off retirement savings 1. Set realistic goals 2. Call in the experts 3. Take advantage of catch-up contributions 4. Time your exit 5. Tackle debt 6. Prepare for the unexpected

If you're among the roughly six out of 10 individuals who has never tried to calculate what they need in retirement, do it pronto. That figure is like a destination on a map, giving you direction as you save, invest and create your overall financial plan. If you set a retirement savings goal, but you've forgotten about it, it's time to dust it off for a careful review. "You should be looking at your plan periodically, at least every three years," says Dick Bellmer, president of National Association of Personal Financial Advisors.

1. Set realistic goals
First item for consideration: Your savings and investments thus far. Hopefully, you've been stashing funds away consistently, making maximum contributions to things like 401(k) plans and IRAs, as well as other accounts. These days, individuals 55 and older are on track to replace roughly 55 percent of their income during retirement with personal savings, Social Security and pension income, according to a recent study by the Fidelity Research Institute. That means they'll have to live on 45 percent less cash each month once they retire.

How much is enough? That depends on your lifestyle and expenses, potential medical bills and the kind of support you'll have from, say, a pension plan and Social Security. But, as you review your savings goals, be careful not to set the bar too low. Thirty-nine percent of current retirees say they underestimated their spending, and expenses increased in retirement rather than going down, according to Fidelity Research. To find the amount you want to have set aside, read "5 steps for figuring out your 'big number'."

"People typically don't downsize," says Harold Evensky, a Certified Financial Planner in Coral Gables, Fla. "It's not uncommon for them to spend more in retirement than less."

2. Call in the experts
With that in mind, it may be a good idea to seek a little professional guidance to ensure you're setting realistic goals. When asked in a recent poll by Employee Benefits Research Institute what was the most helpful thing they did to save, most respondents said it was hiring a financial adviser.

Ray Ringston, 79, says that hiring his financial adviser was one of the best moves he's made. "I've never been interested in the money game," says Ringston, who calls the prospect of managing investments "boring."