You've probably read at length about how ill-prepared many of us are for retirement in terms of our finances. So how can we become better prepared?

MarketWatch columnist Chuck Jaffe offers several suggestions, such as:

• Make a plan. "It's not just that more planning leads to more savings, it's that it breeds confidence," he writes. "The truth is that without some sort of plan—an assessment of needs compared with income, with contingency plans for employment loss and health-care/disability concerns—a person's confidence level is as much a guess as whatever they think they will need to live on when they stop working.
• "Realistic expectations. The fastest way to improve your confidence about your ability to retire comfortably is simple: lower your standards. Look at what you want, but come up with contingency plans, so that you can deal with a shortfall of income or working years, but also so that you change your expectations based on what you expect to amass," Jaffee notes.

"The good news is that most people actually can choose and work toward the result they want."

Meanwhile, when you move into your 60s, guarding the assets you have built up over the course of a lifetime becomes a paramount issue.

Catherine Fredman of Consumer Reports examines risks to consider as you enter your 60s. They include:

• "You let insurance coverage lapse," she writes. If you downsize from a house to an apartment, don't forget to obtain renters insurance. It provides financial protection against loss of your possessions from fire, vandalism, theft, explosions and windstorms. The average annual premium is less than $200, Fredman says.
• "You don't make your wishes known." You may not have a will, or you may not have given someone power of attorney should you become disabled. The solution: "update your legal documents and estate plans every four to five years," Fredman recommends. "If you have more than one adult child, consider making one the point person on health care decisions and give another the responsibility for financial decisions."

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