You'll have plenty of time to worry about the makeup or size of your portfolio. For now, take time to set goals and picture how you'll spend your years as a senior citizen. What do you want to do with your freedom? How old will you be? Where will you live? If you work part-time, what will you do? Will you open your own business? Can you see yourself on international flights to Venice and Tokyo?

Mark Jeffries, regional director of Financial Network Investment Corp. in Rocky River, tells clients their lives are like a wagon wheel -- each spoke representing social, physical, spiritual, mental and intellectual needs. The hub serves as the source of financing.

"You're never too young to start saving for your golden years," Jeffries says. "Save 'til it hurts. The younger you are, the better."

Thomas J. Egan Jr., a consulting actuary and a partner with Pricewaterhouse-Coopers LLP in Cleveland, likens retirement to a small business. Your only job is to pay yourself. It's just a matter of deciding how. "A lot of people just feel everything is going to be OK. They haven't gone to the first step of saying, 'What are my objectives?' "

To build the kind of portfolio that's going to meet your needs, put all of your goals on paper, according to Bart Bucci, an investment consultant with EVEREN Securities Inc. in Akron. "At least it's in front of you. You can see it. It's quantified."

Many people would prefer at least to sustain their standard of living. Unfortunately, if they put off investing, they simply won't have enough money to retire. Although some people would enjoy working in their retirement years, others may not have the choice. Egan cautions that they may be "forced to work as long as their bodies hold out."

Despite that danger, many people simply don't save for retirement or save less than they should. In fact, since 1993, the portion of working Americans who are very confident that they will have enough money to live comfortably throughout retirement has ranged from 20 percent to 25 percent, according to the Employee Benefit Research Institute in Washington, D.C.

In 1997, 45 percent of Americans had tried to determine how much they need to save before they retire, an increase of 13 percentage points compared with 1995. EBRI, a nonprofit, nonpartisan public-policy research organization, tracks attitudes toward retirement in its Retirement Confidence Survey.

Regardless of your outlook and financial status, you'd probably prefer not to take on a menial job or bug your children for financial support. Instead, you'd rather pursue that woodworking hobby, buy a home in the Blue Ridge Mountains or take a world tour. Before you buy any tickets, you'll have to make many other choices, everything from whether to buy that big-screen TV to how much you'll pay for your children's education. As a starting point, consider the advice financial experts offer in a few key areas:

1. Take ownership of your money and future.

People still retire on social security, private and public pensions and personal savings. However, individuals face increasing pressure to assume more responsibility for the health of their nest eggs. For example, social security income may drop off. In addition, companies are switching their support from pension plans to defined contribution plans, such as 401(k) plans that favor employee contributions with or without an employer match. If you're self-employed, you can set up a Keogh or Simplified Employee Pension plan.

"People underestimate the importance of their own savings," Egan says.

Do you even have a good handle on your financial status? "I see some people -- there's money everywhere, [but] it's disorganized," Bucci says. "One of the first things we try to do is pull the money together and take an inventory."

2. View your home as an extra security blanket.

"You can borrow against it," Bucci says. "You can do a lot of things with a home. In fact, your home -- and the equity you build -- can help you meet your retirement income goals. If you pay off the mortgage and don't take on a new one, you'll have that much more money each month for retirement. Of course, maybe you'll buy a home that appreciates at a high rate. If you sell it and move into a smaller home, apartment or condo, you can put a healthy profit into your investment portfolio.

Jeffries, a certified financial planner and former president of the Northern Ohio Society of the Institute of Certified Financial Planners, agrees that homes may play a role in retirement planning. But he cautions clients to remember that there are still expenses if they sell. Because they will live somewhere else, they'll face maintenance, insurance and possibly property taxes.

3. Inheritance is a debatable retirement factor.

It's easy to think about your parents, in-laws or Uncle Bob and wonder how much they'll leave you in their wills. But there are two camps in this area. Egan and Bucci, for example, say you should not fail to estimate an inheritance, especially if you have a good feel for the amount. The other camp views inheritance as a pleasant surprise. Jeffries says his clients acknowledge inheritance, but 90 percent tell him: "I'm going to plan as if I'm not going to get it."

4. Come to terms with your risk tolerance.

Decide how much you're willing to lose, if anything. What is your annual investment goal (pick a percentage)? What kind of performance volatility will you tolerate in your investment program (low, moderate or high)? Are you a defensive, conservative, aggressive or very aggressive investor?

"Risk to you and risk to me are two different things," Bucci says. "It's relative to your age, to your personality and your income."

5. Guard against job losses, illnesses and car wrecks.

Before you get too excited about stocking away for retirement, take care of basics that may include adequate disability, medical and auto insurance. Also, set aside three to six months of living expenses for an unforeseen circumstance, such as a layoff. For this level of savings, Jeffries suggests investing in a money market mutual fund or short-term bond mutual fund.

6. Project your retirement income.

Basically, people need between 70 percent and 85 percent of their income at the time they retire (depending on tax bracket and lifestyle factors).

In general terms (not counting all factors), think of a couple, both 40, with $5,000 in a savings account. If they now bring in $50,000 a year, inflationary pay hikes alone should more than double their annual income to $118,000 over 25 years. If they want to get by on 70 percent of their preretirement income for 20 years, they would need to start with $815,000 in a personal portfolio. Earning 8 percent interest, this nest egg would account for 3.5 percent inflation a year over 20 years. The first year, for example, the family would receive $28,000 from indexed social security and $60,000 in interest earnings from their investments.

So how would they get $815,000? Their $5,000 in a savings account would grow only to $34,000 over 25 years even with an 8 percent return. Maybe a corporate pension plan would take care of $400,000. And, they could always sell their $250,000 home and move into a smaller one, possibly clearing $100,000. But they would be $281,000 short. Egan says they would have their work cut out for them because they would need to save considerably more earlier in their lives. They could get by with less in retirement if they're willing to continue working.

Some people understand their investments so well that they confidently decide when to buy and sell or shift their money from one investment to the next. But people often turn to financial advisers when they lack the time or knowledge to manage their money. In Northeast Ohio, expect to pay some financial planners $500 to $1,500 to set up a retirement plan. But other advisers may not charge anything up front, preferring to collect fees and commissions for managing a client's investments.

Opinions abound about how best to invest your savings. One school of thought is that young people can take more risks with aggressive stocks, while people nearing retirement should focus on fixed-income investments, such as certificates of deposit, bonds and bond mutual funds. It really depends on your age, income, savings and goals. Regardless, financial planners commonly recommend that clients save 10 percent of their income. In particular, Jeffries is a fan of Roth IRAs because qualified distributions are tax free.

Financial planners can help you set priorities and determine the right mix -- or asset allocation -- for your portfolio. Even if you have $500,000, you may want help deciding how to proceed. "That's a lot of money," Bucci says, "and seems like enough, but people live well into their 80s these days."

Doing It Yourself
It baffles Gerhard Moskal that more people don't plan for retirement. For Moskal and his wife, Barbara, saving is a way of life. To me, it's incomprehensible. I just can't see people not saving something for the future," says Moskal, 58, a self-employed pattern maker in the foundry industry. Barbara Moskal, 56, is a retired school teacher.

Moskal says their financial success hinges on patience and perseverance. They also benefit from four principles advocated by the National Association of Investors Corporation (NAIC):

 Buy growth stocks

 Diversify

 Invest dividends and earnings

 Invest regularly

"We set goals. We have priorities. We work for our goals," according to Moskal, a director of the Northeast Ohio Council of the NAIC.

The Moskals, who own a $180,000 home in Fairview Park and have three grown sons, invest 80 percent to 85 percent of their portfolio in common stocks through IRAs. Their stocks include AT&T, Kodak and Parker Hannifin. The balance is in certificates of deposit and other savings.

Moskal says he prefers the do-it-yourself approach to investing over seeking advice from financial planners. A person who has some interest and knowledge can do just as well or better. I know best for myself than any planner does. I know my needs and wants."

During their retirement, the Moskals plan to travel, continue working with the investment council and volunteer for community organizations and their church, St. Peter's Episcopal Church. During the winter months, they'll also spend more time at a Hilton Head, S.C., condo they bought in 1986.