Merra Lee Moffitt, AWMA, CMFC, CFP, AIF®

The "retirement for dummies" answer is to save 10% of everything you ever made, invest it wisely and you will be able to enjoy the same lifestyle throughout your life. Read "The Richest Man in Babylon". OKAY, so much for what we ought to have done!

Many of us didn't follow that advice so the conversation gets way more complicated. How far along are you? How long can you work? Do you have a pension? What are the ways to extend your 'earned' income after partial retirement? Will the market return to 'normal' in our lifetime? How little could you spend and still be happy?

That's why we start with a plan that looks at 1) Your goals, 2) Your current situation, 3) What can you realistically achieve without starving today, 4) What can we conservatively project, 5) Where can we provide assurance, and 6) How can we adjust with the 'curve balls' life sends our way.

So start with a plan.

Ask for a copy of the Summary Plan description. That should tell you what the 'current' match will be. Companies are not generally required to contribute on your behalf, nor are they required to keep the same 'match' every year. If your plan is a Profit Sharing plan, they may only contribute once a year after they have determined the profits for the previous year.

If the company has a match in place, you should see their contribution versus your contribution on your statements, once you start getting them.

My accounts average 72% participation, even with lower paid participants where people are struggling to pay their household expenses.. The participation rate usually starts lower and increases after I have come to visit, answer questions, and do a little education. When participants then get to know their advisor, they get more comfortable.

Some of the newer plans have auto enrollment. These plans start with and maintain a higher participation rate, often 100%.