When Bob Willis thought about retiring, he knew just how he wanted to do it. Slowly. Or maybe never.

Even if you are 10 years away from retirement, you've probably already daydreamed about how you'll be spending your time. But before you sail away on your yacht, there's a lot you need to consider and prepare for.

I am frequently asked on my syndicated radio show, and from readers of my weekly internet newsletter Financial Savvy Report about the new rules for taking Social Security benefits. The question most often asked is "Do I take Social Security at age 62 or wait to age 66?"

Thrivent Financial offers personal finance tips and tools to help prepare for retirement.

What has company pension plans and Social Security scared to death is the latest estimates of U.S. life expectancy. Back in the 1930s, when Social Security was established with a retirement age of 65, the life expectancy was about age 60. Not bad for a system that paid benefits at age 65 and had no return in the event of death. But by the 1980s, U.S. life expectancy had soared to about 75. Today, according to the U.S. Census Bureau, the life expectancy is about 81.

Goodyear Tire and Rubber, with a company pension plan since the 1930s, killed its pension plan and put about 40,000 employees into employee-paid 401(k) plans.
This is the tip of the iceburg as more and more big-name companies dump their company pension plans.