For most working people, retirement-income planning looms in the distance.

"Whatever you thought you needed, you'll need more."

These were the opening words at a recent national symposium on retirement planning and the rapidly approaching retirement years of the largest-ever American generation, the Baby Boomers. Several key factors converge to create the anticipated income shortfalls created by many years of retirement lifestyles.

Most are unrealistic

Most people, for example, don't have a realistic estimate of what their yearly retirement needs will be. Adjusting for inflation increases the complexity of planning. To make sure your money lasts as long as you do, you must withdraw less than 4-5 percent of your lifetime savings annually. Or you must plan for income streams which release funds at targeted points in your retirement years.

How long is a healthy 65-year-old likely to live? According to the latest estimates released by the American Medical Association, 20-30 years and perhaps longer. Medical advances continue to contribute to lifespan projections. If you are married, it is likely that one of you will live to be 95.

The truth is that most people have vague ideas about what their retirement years will bring, either in terms of health factors, lifestyle choices, inflation or economic predictions. Some recent trends have emerged, adding both complexity and clarity to the picture.

Getting old is costly

The complexity of planning is compounded by such trends as the disappearance of corporate pension funding strategies, the unpredictability of the inflation rates, the increasing costs of health care and medications, and a wealth of options for financing active retirement lifestyles. Many of these preferred lifestyles will require creative and careful planning.

In spite of complex factors, there is much you can do to succeed in managing your retirement proactively. Be realistic in evaluating your expenses and your income, make conservative projections which allow for variations, find a trusted advisor and consider taking advantage of creative alternative strategies offered today.

Traditional investment strategies have favored index funds or actively-managed funds. Today a third paradigm has emerged with the goal of searching for above-the-market-return investment opportunities. These offerings may protect against low market returns during unique individual accumulation periods. In other words, we no longer invest "up to retirement," but "throughout retirement."

Get a plan

What you will really need to retire well is a personalized plan which combines the best of traditional savings and retirement plans with the best of creative optional strategies. Your finances will last 20-30 years and beyond, if you plan carefully, adjust your lifestyle accordingly, create options for your future, and manage your retirement financial plan with the same zest you approach your retirement lifestyle planning.