Saving for Retirement

I hope to have $4 million saved by the time I retire in 30 years. That sounds like a lot of money, but how much would that be in today's dollars? -- Brian

Many people think they can plan on spending less later in retirement since they'll become less active as they age. But if their health declines, they may actually shift spending rather than reduce it. Do you think it's risky to plan as if one's expenses will go down later in retirement? --Tim, U.K.

Ed Parker never planned on retiring early. But in 2009, at age 61, he was laid off from his job as a manager at a Caterpillar dealership and realized he was ready to end full-time work. His wife, Roxann, had retired a decade earlier from her job at a department store, and travel plans beckoned.

Scott Pankratz and Julie Osborn are phenomenal planners and money managers -- except when it comes to their own investments.

We spoke to five families who face challenges that could keep them from meeting their financial goals. With a few tweaks to their game plan, they can get back on course. Here, the Mitchells' story -- and the recommended financial fixes.

My 401(k) is managed by a brokerage firm that was busted by the SEC for fraudulent practices (although those practices weren't related to my 401(k) plan). Still, I don't want to invest my money with, or pay fees to, to a firm I consider unethical. For now, I've switched all of my money into the bond account figuring it's the safest place to invest until I can figure out what to do. But I'd really like to get into another 401(k) plan. Can I do that? -- Michael S.

Our 401(k) and Roth investments are in stock index funds and commodities. We own no bonds. With a pension and Social Security, can we keep forgoing bonds? -- D.F., Washington, D.C.

How much should I have in a 401(k) or other retirement accounts at various ages relative to my salary so I know I'll eventually enough money to maintain my standard of living throughout retirement? -- K.T., Olathe, Kansas

My fiancé and I are in our late 20s and we contribute to our 401(k) plans. But we'd like to supplement our retirement savings by making additional small contributions (maybe $100 a month) over time. We wouldn't touch this money except in an absolute emergency. Any suggestions? -- M. Barber

Even if you're a decade or more away from quitting time, you may be thinking about buying a retirement home right now.