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A number of surveys and studies show that many current retirees wish they had done something differently in preparing for retirement. Workers today have a golden opportunity to learn from their mistakes. These five lessons offer the insight to help you achieve the retirement of your dreams.

Save more—The 10% savings objective that was the standard years ago might leave you short down the road. These days a savings goal of 20% of gross income is a better target, with that percentage going up the later you start.

Plan for more expenses in retirement—Many retirees say they spend as much as, or more than, when they worked. As a general guideline, plan on replacing at least 80% to 100% of preretirement income.

Be realistic about working in retirement—Despite plans to pursue some sort of employment in retirement, most retirees never do return to work.

If you intend to keep working past 65, now is the time to ask employment counselors or your company's human resources department for advice about continuing your career.

Pay more attention to retirement planning—To be really well prepared, you must have a strategy for how you will manage and allocate your investments throughout your retirement years; from which accounts you will draw your income, and how much you can afford to take out each year; how you will insure yourself so that your medical and long-term health-care needs are covered; and, how your estate will ultimately be managed and distributed.

Invest more aggressively when you are young—Generally speaking, higher returns come with higher risk. You can't afford to take big risks in your 50s and 60s, so the time to invest for maximum growth is when there are decades between you and retirement.

Before you begin an investment plan, first determine your risk tolerance (how willing you are to endure ups and downs in your portfolio value). This will help you determine how much of your portfolio comfortably could be invested in various types of stocks.

Call Hawaii Central Federal Credit Union today at 536-3677. We can help get you on the road to smart retirement planning.

Copyright 2014 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.