Once you've done your calculations, you may find that you're on course to a comfortable retirement. But you may well discover a gap between hopes and reality. You may need to save more, increase your investment return, cut back on your retirement expectations, or a combination of all three. It's your choice.

Many will choose to increase their rate of savings. On an income that feels tight, that may seem hard to do. But let this thought encourage you: The earlier you start, the less you have to save per year to reach your goals. A little effort now can avoid a huge effort later.

Carefully tracking your expenses can help you locate the "leaks" in your budget that are costing you savings. Plug those leaks, and you can save more.