Are you on the right financial road to retirement? Americans are living longer, enjoying longer periods of retirement. However, this opportunity only raises the ante, requiring careful planning and investing for the financially comfortable future we all want.

• Author: Frisk, Travis

A prosperous, comfortable retirement must be one of the most cherished chapters in the American dream. It means an opportunity to travel, to spend more time with family and friends, and to enjoy sports events and restaurants.

No matter what your particular vision of retirement might be, you need to know the right strategies to employ for a comfortable financial future.

This is important because Americans are living longer these days and therefore facing longer periods of retirement. In 2001, approximately 35 million Americans lived past the age of 65. By 2030, that number is expected to double to more than 70 million, and almost 9 million are expected to live past age 85.

Clearly, this generation will likely enjoy longer periods of retirement than our ancestors experienced, and you should be working to ensure a financially comfortable retirement as well.

Before going further, a reality check here. We need to acknowledge that inflation will take its toll, and Social Security may not be enough to provide the comfort you want for the future.

If inflation continues at a modest 3 percent per year on average, a dollar will buy one-third less 10 years from now than it does today.

What about Social Security? Elected leaders in Congress and the White House have promised not to tamper with Social Security, for the time being, referring to it as a "lockbox," though some seem to be searching for the key. Further, Social Security benefits will likely provide far less than the 75 percent of pre-retirement income that most experts say are necessary for a comfortable retirement.

The earlier you start saving for retirement, the better. That way the money you invest will earn interest and dividends and grow in value.

The goal is to close the gap between what you expect to receive from Social Security and 75 percent of your current income. This is relatively simple to determine. The Social Security Administration annually sends everyone an updated notice of anticipated retirement benefits, going forward from different retirement ages. Compare those figures with 75 percent of your current income and you'll know the size of that all-important gap. Then your financial advisor can help determine how much to invest by retirement age to close the gap. The younger you are, the lower the monthly amount you'll need to invest.

If you're a 55 year old with a monthly income gap of approximately $1,000, for example, you will need to set aside $653.49 per month to close...