The average American has a number of concerns about whether they are saving enough for a comfortable retirement.
This reality frequently involves worries about the cost of living, the probability of unexpected expenses, volatility in the stock market and debt.
READ MORE: Retirement Planning vs. Retirement Income Planning: What's the Difference?
Another source of unease is the increase in life expectancy, which one might ordinarily consider a positive development. But the risk of outliving savings means people need to plan for longer retirements.
Uncertainty over whether Social Security will provide full benefits in the future also fuels anxiety.
Add to that fears about inflation and health care costs, including prescription drug prices, and many Americans find more cause for concern.
But retirement income expert Joseph Guyton offers some tips as he explains ways to ease these worries for TheStreet's Retirement Daily.
Related: Dave Ramsey explains the average American's retirement, 401(k) savings
The difference between retirement planning and retirement income planning
Guyton makes a distinction about the language people use when discussing the subject. Specifically, he emphasizes the difference between retirement planning and retirement income planning.
Retirement planning involves the activities a person desires to spend time doing as a retiree, such as traveling or hobbies such as gardening or golfing.
On the other hand, Guyton says retirement income planning is about how to pay bills while one is no longer employed.
This involves drawing from a 401(k), IRA or investment account as well as pension income and Social Security payments. Other income people have at their disposal include rent paid to them, part-time work and sales of property and businesses.
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Another suggestion Guyton makes is to get started early in your mid- to late-20s on retirement investments such as 401(k)s and savings.
"Start considering retirement income five or ten years before you plan to retire," Guyton wrote. "Develop models online and/or work with a financial professional."
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Determining how much retirement savings is enough for you
There are a number of considerations to make when arriving at a financial figure that a person feels will be enough to retire.
One is the age at which you plan to retire. You'll need more savings the younger you are at your desired retirement age.
Other factors include the lifestyle you want and the expected total of your monthly expenses, including mortgage or rent, property taxes, car payments and groceries, among others. Travel, college and costs such as paying for weddings and an emergency fund are also important to think about when planning.
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"If you are short of meeting your goals, take actions to help catch up, such as increasing your savings, reducing expenses, working a second job, etc.," Guyton wrote.
It's important to have an income stream that is guaranteed. This includes Social Security, a pension and rental properties.
Guyton recommends being sure you are not entirely dependent on the market, which can fluctuate in performance.
"The average 401(k) balance may not be enough to allow you to maintain your preferred lifestyle," Guyton wrote. "So talk to your financial adviser about your retirement goals, and determine a plan to help you achieve (or exceed) these goals."
Insurance is another important consideration. This includes disability insurance, long-term care insurance and life insurance to protect your family in the unfortunate event of your death.
"Illness is scary, of course, but perhaps it’s slightly less frightening when you're properly protected for any scenario," Guyton explained. "No matter what happens, you have peace of mind knowing that you have the proper protections in place."
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