On the average, Americans live 20 years after they retire. During these years declining health often prevents one from working. Without saving for the big retirement day, you might not have enough money to meet your needs or enjoy the golden years. Individuals with JC Penney retirees funding often find it easier to plan for their future. Here are more tips from a financial planner.

Work with your planner to determine your retirement funding needs. To continue your current standard of living you will need at least 70 percent of the income you currently make. If you are among the lower earners, saving is even more difficult, yet planners believe you will need 90 percent or more of your current income when you stop working.

If your employer has a retirement savings plan, you should participate. The plan lowers your taxes, which can increase your refund each year. In addition, the automatic deductions make saving easier. If your company adds to your savings, you get even more for each dollar saved. Check with the employer to find the maximum they will contribute and the number of years you must participate to collect the matching funds.

The type of savings is often as important as the amount. Money should be invested in different types of accounts and never in just one. Diversifying reduces risk while improving return and providing more funds for retirement.

Never withdraw retirement savings early. Early withdrawals cause you to lose both principal and interest. In addition, depending on your age, you might face early withdrawal penalties.

Leave the savings in the same plan if you change jobs. Some employers do not allow you to leave retirement in the plan if you leave the job. Move them to an approved plan within the required time. You will avoid penalties.

JC Penney retirees, find an overview of the reasons why you should consult an investment adviser and more information about an experienced adviser at http://www.personal-investments.net/ now.