The idea of retiring and traveling the world has all but faded in the present-day economy. Inflation still sits at record highs, and people feel increasingly unlikely they will ever reach their retirement goals. Even with decent 19 percent return on 401k's last year, Americans still feel less close to actually retiring than ever.

In today's world, a recent survey shows Americans feel it would take around $1.46 million to comfortably retire. That is up from $1.27 million just one year ago, and even worse, more than $1 million more than the average survey participant's savings. Basically, people are not prepared for retirement, and see no signs they ever will be ready.

Money expert Derrick Kinney says people tend to overlook a lot of things, like how much they want to spend when retired.

"So many people thing the rule of thumb applies to all...the problem is everyone's retirement is a custom-made movie for them...and it does not always play out like it does for everyone else," he says.

The rule of thumb is usually if you save a million dollars, you will be set for retirement. But that is not a 'one size fits all' plan.

But it is hard to know how much you need or want to spend in retirement. Kinney adds that a good way to get an idea is to utilize a practice retirement budget in the couple years before leaving work. That way, you get an idea if you need more, or less.

Travelling and having nice dinners is not the only thing of which to worry. Getting older tends to mean more medical care and health issues. That adds a tricky variable to the equation.

"The cost of long-term care when you cannot provide for yourself...that type of insurance can be very costly if not planned for ahead of time," he says.

Another mistake many people make is aggressively investing some of their retirement early on, to try and make more of a return to cover their desires. That really hurts people in the long term.

Most people do not have an idea of their retirement plans though because they just do not think there is much to it. Many have ideas of just hanging out on the porch or relaxing at home but that is not reality.

"People want to get out, see and do...that cost money to do that," he says. "You want an estimate for in retirement of what you want to do...then it is a matter of applying how much it will cost, so you can save the proper amount."

Alas, people still leave that thought process flailing in the wind, and let it go their goals become unattainable.

"They do not realize the mistake they are making until it is too late to correct it...these are people who work hard, then realize they do not have enough...which then forces them to go back to work, or cut their expenses, and reduce the quality of lifestyle in retirement," he says.

But you can get out ahead of the curveball of retirement. Kinney says the best thing to do is sit down with family and make a concise plan for what you want to do.

GardenLine