Dear Readers: There was a bit of good news recently from the Employee Benefit Research Institute. According to its study of "retirement readiness," released Feb. 13, 2014, baby boomers and Gen Xers have shown some progress toward having adequate retirement income, largely because of gains in the financial markets and home values.

However, it's important to note that this readiness hinges on two essentials — participating in an employer-sponsored retirement plan, like a 401(k), and smart planning both before and at retirement.

This brings me to one of my personal causes — helping people prepare for retirement with their eyes wide open. After all, if you don't take control of your money, no one else will do it for you. So whether retirement is far in the distance or right around the corner, here are some thoughts to help you do just that.

You've probably heard that it's never too early to start planning for retirement. And while that's true, the closer you get, the more crucial it becomes. A study (See Note) by Annamaria Lusardi and Olivia Mitchell showed that people who seriously plan for retirement have over a third more in accumulated wealth than non-planners. But is there a secret to good planning? I think there are five.

SECRETS 1 AND 2: WHEN RETIREMENT IS AT LEAST 10 YEARS OUT

The first secret is to have a vision of your future. We all know we need to save money, but it's easy to put short-term needs before a long-term goal like retirement. One way to combat this natural tendency is to make your future life as "real" as possible.

Start to think about where and how you'll want to live. Will you stay in your home or move to a new community? Scale back your working life, stop working completely or start a new venture? Do you have a lifelong passion that you want to pursue? Although you may not be able to answer these questions with certainty, simply pondering the issues will help you formulate a preliminary vision.

Once you have a vision, Secret No. 2 is to flesh out your plan financially. Consider consulting a financial adviser to discuss the following:

—How big of a nest egg will you need to make your ideal retirement a reality?

—How much should you be saving every year to get there?

—Which retirement accounts make the most sense?

—How should you invest?

—How can you balance saving for retirement with paying for family obligations such as your kids' educations?

SECRETS 3 AND 4: MAKING THE TRANSITION INTO RETIREMENT

In the two to three years leading up to retirement, you'll need to take your planning to the next level. So Secret No. 3 is to get more specific. For instance, how much do you estimate you'll need to cover annual expenses? Are you saving enough? Is your debt under control? Do you have the right insurance, including, perhaps long-term-care insurance? What will you do with your 401(k) when you leave your job?

Plus, it's not too early to start thinking about ways to maximize Social Security. Because Secret No. 4 is that by carefully planning your timing and how best to coordinate with your spouse, you have a surprising amount of control over your lifetime Social Security benefit. It pays to plan ahead for Medicare, too. There are regulations and enrollment dates to be aware of to avoid penalties.

You should also have an estate plan in place. And if you haven't yet worked with a financial adviser, seriously consider it now. An independent adviser can help you focus on the specific numbers and make realistic calculations.

SECRET 5: LIFE IN RETIREMENT

A friend of mine is what I call a serial retiree. Just when he starts to settle into more time on the golf course, another professional opportunity comes up. So he works for a while and then retires again. He actually likes the arrangement because it keeps him active and engaged, and provides some extra income. His story isn't all that unusual. More and more retirees are choosing to work at least part time for the same reasons.

But no matter how you structure your retirement, there are a few extra challenges. And that brings me to Secret No. 5. Retirement may mean you have the freedom to choose how much you want to work, but you absolutely have to take responsibility for making your money last. Don't be complacent. Stay on top of your investments, create a reliable income stream, manage your taxes wisely, and make adjustments to insurance coverage as your needs change.

If you do these things consistently — they don't have to take an inordinate amount of time — they can free you immeasurably to enjoy what's really important in life, such as family and friends.

Speaking of family, I'm a big advocate of talking about money issues openly. So share your secrets to a successful retirement. Don't keep money in the closet, and don't hide your opinions. If your loved ones know what you're planning and why, you may avoid misunderstandings. Perhaps it will help them take control of their own finances. Then, hopefully, you'll all reap the ultimate benefit of retirement planning — a future filled with confidence rather than concern.

Note: Source: Lusardi, Annamaria and Mitchell, Olivia S., "Financial Literacy and Planning: Implications for Retirement Wellbeing", October 2006, page 26.

Carrie Schwab-Pomerantz, CERTIFIED FINANCIAL PLANNER(tm), is president of Charles Schwab Foundation and author of the forthcoming book, "The Charles Schwab Guide to Finances After Fifty," available in bookstores in April 2014. Read more at http://schwab.com/book.You can email Carrie at askcarrie@schwab.com. This column is no substitute for an individualized recommendation, tax, legal or personalized investment advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager. To find out more about Carrie Schwab-Pomerantz and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.