What is the best way to save for retirement and how does one ensure that he/she will have enough to retire?

I am 42 and would like to retire at the age of 60.

Public Comments

1. The time value of money. How much you need? You have 18 years to save say 1 million dollars. Annual payment: $34,785 Starting with $1,000 and depositing $34,785 annually over 18 years (at a rate of return 7%, compounded monthly and taxed at your marginal rate of 28%), you will save $1,000,000. Initial balance: $1,000 Total deposits: $626,130 Total interest earned: $517,870 Total taxes paid: $145,004
2. there are a lot of people in your situation. unfortunately, it is very difficult. most people depend on social security, which just ownt be there...and if it is, you will most definately out live it. the best option is the equity in your home. you won't be able to put away 35 grand a year for the next decade or two, so you might want to consider selling your home and cashing out...finding a less expensive place to retire...most old morons buy a new house with their equity and end up selling it within 5 years of retirement because they cant even pay the taxes on it.
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4. I would recommend finding a bank to work with on this. There is no one right prescription. Your best bet is to find a recommendation from Friends/family that have a similar financial situation for a financial adviser. These are the people that can plan best for your retirement. I would recommend going with a reputable full service brokerage, but I think a strong recommendation from Friends/family with a similar situation is the best approach. http://dir.yahoo.com/Business_and_Economy/Shopping_and_Services/Financial_Services/Investment_Services/Brokerages/Full_Service/
5. Assuming you're an American... Contribute to your employer's 401K at least to get the entire company match. Open and contribute to a Roth IRA. Be deligent. Make it automatic (i.e, automatic withdraw.)