Retirement is a scary prospect for many Americans. They wonder if they'll have enough to live well and some wonder if they'll be able to retire at all.

Financial planner Jack Swanda says the average retirement age for his clients is 65+.

"Some people are never gonna be able to retire and other people who are maybe only 50 or 55 can retire today."

Swanda says retirement is typically much easier for state employees with pensions.

"These are the old pension plans that the private sector doesn't have any more. And those people are able to retire quite easily and quite comfortably."

Swanda says the rest of us will have to take four or five percent of our retirement savings and create an income stream. If that's not enough to live, you may not be able to retire.

"What kind of lifestyle do you want in retirement and do you have the assets to maintain that lifestyle? Or are you able to downsize your lifestyle; what's important to you? It's a trade out, really."