Planning for retirement requires assuming no external help, as corporate pensions decline and Social Security faces insolvency risks. An emergency fund covering six months to a year of expenses is essential to avoid debt. Maintain a balanced portfolio with stocks to combat inflation and bonds for stability. Annuities can provide lifelong income but watch fees. Maximize retirement account catch-up contributions after age 50. Regularly rebalance your portfolio and consider all income sources, including Social Security, home equity, and side work.