How to avoid regrets in retirement

If you could have a financial do-over, would you use it on your retirement planning? As aging Americans need to rely more heavily on personal savings to fund their retirement, some of the facts are startling: A 2012 study found 49 percent of Americans weren't contributing to a retirement plan.

Two retirement experts joined The Daily Circuit to explore the problem. Some highlights from their conversation:

Stick to your savings discipline:
"A rising stock market can be a good thing, but it can also be a scary thing because some people haven't participated in this rally and now they're going to be rushing to try to get in, when the rally's pretty long in the tooth. I think what happens in these kinds of environments is, people lose their discipline. They forgot what it felt like back in 2008, when things were terrible and they got out of the market in the first place, and now they're worried about what they're going to miss out on, and are getting in too aggressively at this point. I think what really happens is people lose their planning concept and instead are very reactive to what's going on in the environment." (Ross Levin, of Accredited Investors Inc.)

Don't assume you can go on working:
"We've seen a trend over the last 30 years with more and more older Americans continuing to work beyond their normal retirement or into their retirement years. ... People think they're going to work longer, but ... in the meantime, life situations happen. Somebody who's in their late 50s might lose a job, they might have a spouse who becomes ill and they need to take off some time to care for someone, and ... those older workers, when they try to come back into the workforce, they have a harder time getting back. ... If they haven't planned adequately, they may find themselves not being able to find a job." (Diane Oakley, of the National Institute on Retirement Security)

Focus not only on money, but on meaning:
"As you move toward retirement, you need to change your name. Meaning that your old name — let's say, 'host of The Daily Circuit' — no longer fits. ... You have to find what the new name for you is going to be in retirement, and I think people really struggle with that. A lot of people look at retirement as, 'How much money do I need?' and instead they also have to incorporate, 'How much meaning can I have?'" (Levin)

LEARN MORE ABOUT PLANNING FOR RETIREMENT:

• What Have I Done? Baby Boomers Reveal Their Deepest Financial Regrets
Boomers looking to salvage a financial future from this mess will need to adjust their plans, possibly pushing back their retirement date by a few years, and start saving aggressively to make up for lost interest income. (Yahoo! Finance)

• Baby Boomers Share Their Biggest Retirement Planning Regrets
The Fiscal Times spoke to three baby boomers, newly retired or nearing retirement, who made a few mistakes along the way. Here's what they'd do differently if they could plan their retirement all over again. (Fiscal Times)

• 10 Ways to Save More for Retirement
If you're behind on your retirement savings, you aren't alone. Whether it's due to bear-market setbacks, getting off to a late start, or other reasons, a lot of people are trying to catch up on their retirement savings. Fortunately, there are plenty of actions you can take right now — and even after retirement — to help maintain a standard of living you're comfortable with. (Charles Schwab)

• Retirement Catch-Up: How To Start In Your 50s
The most important first step to take is to start saving. Now. Even if you haven't yet worked out any kind of a plan; that can come later. But you're still going to need the money. (Forbes)