The Retirement Back-Up Plan

BOSTON (CBS) - If you have not done any retirement planning or if you have not saved enough for retirement; tomorrow as everyone is seated around the table decide which kid you want to live with in your old age. This is Plan B.

Choose the nicest, the smartest or the wealthiest. And be good to that one perhaps exclusive of the others so when the time comes you can move in with them. And always be sure to be good to their spouses.

Modern medicine has given us the ability to live longer lives. We can get a heart transplant or a joint replacement. We take pills to control our blood pressure, cholesterol and diabetes. We could be living 35 years or more in retirement. And as we age, we will become frailer.

You need to make a comfortable retirement a reality for none of us want Plan B; to live with the kids! Think about being a 100 years old and living with your 75 year old son and his third wife!

While you are peeling vegetables or making pies today with your spouse/your partner start the retirement conversation.

• What are your goals for our retirement?
• Do you think we will have enough money to retire comfortably?
• Have you had enough of work?
• When do you want to retire?
• Where do you want to live in retirement?
• What do you want to do in retirement?
• Will we have enough to do?

That's a good beginning, but to make retirement a reality you do need to plan. Start with looking at the assets you have set aside in your retirement plans. At the rate you're saving will you have enough dollars to live on in retirement?

Have you ever taken the time to figure out how much more you'll need to save to have that comfortable retirement? Check out the website of your retirement plan provider to see what educational materials they have to offer to help you figure out when you will be able to retire.

Choose to Save is a website loaded with calculators where you can get some help also.

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You can hear Dee Lee's expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

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