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Planning for retirement? Despite the economic downturn, many people are. The loss of jobs in the economy also means that many people will have to retire, whether they want to or not.

Even in uncertain economic times, retirement does not have to be traumatic. Those who have planned carefully can move into retirement with a degree of comfort and confidence. Planning is the key word here. It is never too early to start planning for your golden years; but it is probably also never too late.

The first step in successful retirement planning is to have a clear picture of your resources; annuities, bank accounts, securities, and real property. Using this as a base, estimate what your post-employment income will be.

You need then to do a hard headed analysis of your retirement income needs. Things such as property taxes, utilities, food, transportation; the basic mandatory expenditures that we all have to deal with; in addition, factor in any discretionary items.

Next, compare your estimated expenditures with your estimated income. If the difference between income and expenses is zero, go back and look at discretionary expenses. Always have a little cushion of money to save for the unforeseen emergencies. Decide which discretionary expenses you can cut, and eliminate them.

There are a number of web sites that discuss retirement planning, a few of which I have listed at the end of this article. These represent only a fraction of what is available to help you prepare for retirement. To get a look at them, type "retirement planning," or "financial planning for retirement" into your search engine.

Whether you are just starting out in your career or are on the threshold of retirement, it's never too late to start planning. Here are some helpful hints to get you started:

1. Don't neglect savings. Start early and save as much as you can afford. Compound interest, even at relatively low rates, adds up over the years. Look at some of the money market CDs for a good return on your savings.

2. Be realistic. Project your estimated retirement expenses on your individual needs, not some arbitrary rule of thumb. Even two people living in the same town will have different life styles and thus, different living expense requirements. Unless you have a rich uncle who loves you very much, don't, however, plan on a gold-plated retirement.

3. Make use of IRA and 401(k) savings plans. Being able to save from your income and defer paying taxes until you retire can make the difference between

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