CONSUMER AFFAIRS: It's never too early to start retirement planning

Many people consider planning for their retirement, but some do not get around to doing so.

The U.S. Department of Labor tries to help people think about retirement planning with "Top 10 Ways to Prepare for Retirement" (www.dol.gov/ebsa/publications/10_ways_to_prepare.html).

The DOL points out that it is never too early to start saving for retirement.

Also, if you are saving, keep doing so. It's OK to start small, but try to increase the amount you save each month.

Make sure you understand the retirement savings options available through your employer.

Take advantage of your employer's plans. The DOL states that in 2009, 13 percent of those employees who had access to a private industry employer's defined contribution plan did not participate.

Take advantage of an Individual Retirement Account, as well, and do not touch your retirement savings once you have them.

As you plan, remember that retirement can be expensive.

According to some experts, depending on your current income you could need anywhere between 70 percent to 90 percent of your pre-retirement income to maintain your current standard of living. The average American will spend about 20 years in retirement.

You can learn more about the Social Security benefits available on retirement from the Social Security Administration at www.socialsecurity.gov/pgm/retirement.htm .

SSA maintains a Retirement Estimator at www.ssa.gov/estimator . The Estimator gives estimates based on your actual Social Security earning record.

Also, for an excellent compilation of retirement information generally, go to the Retirement section of USA.gov, available at www.usa.gov/Topics/Seniors/Retirement.shtml .

Opinions are solely the writer's. Joseph Pellicciotti is a lawyer, professor, and vice chancellor at Indiana University Northwest.