People of all ages should start planning for retirement and manage their money well to ensure they have sufficient income when they retire. Retirees estimate that people will need 71% of their pre-retirement income to maintain their current lifestyle. Stocks and 401(k) plans are recommended. Facts Non-retired Americans with a median household income above $50,000 assume they will not be able to retire until age 59. More than a third of wealthy retirees with children and grandchildren help support them financially, as do 29% of all retirees. Additionally, nearly a quarter of all retirees whose parents are alive help them financially. As many as 48% of wealthy non-retired people as well as all non-retired people surveyed believe they will have to work part-time when they retire. Only 23% of wealthy retirees and 16% of all retirees surveyed are working today. Affluent non-retirees estimate that they will only need 53% of their pre-retirement income to support their retirement lifestyle. But wealthy retirees say they actually require 71%. As many as 25% of affluent non-retirees think they are likely to run out of money before they die, compared to just 12% of affluent retirees. Wealthy retirees' biggest regret is not investing more money in tax-deferred retirees who said they invested as much as the law allows, compared with just 48% of wealthy non-retirees surveyed. Strategies 1. Find out how much income you will need in retirement. The pensioners told us this to support ...