If enjoying a comfortable retirement is important to you, you cannot procrastinate with your retirement planning. You can’t hope and pray that somehow everything will work out. The baby boomers who had this attitude will soon pay the price for their lack of planning. The only bailout plan they can hope for is the guest bedroom at one of their children’s homes.

The quality of life you enjoy during your retirement years will largely be based on your decisions. Financial security comes from making a series of good financial decisions over time, while financial failure comes from making a series of poor financial decisions over time. In looking at your balance sheet, how have you been doing with your financial decisions?

Here are my suggestions:

1. Make a commitment to yourself today that you are going to start making well-informed financial decisions. This includes educating yourself, seeking wise counsel and proper planning.

2. Get started NOW. According to Albert Einstein, “The most powerful force in the universe is compound interest.” No more procrastinating. It’s time to get started. The sooner you do, the sooner your money will start working for you.

3. Determine your current household budget. If you aren’t actively following a budget, its time to start taking responsibility for your finances.

4. Using an income calculator, get an idea as to the amount of money you will need to save each year to enjoy the lifestyle you desire during your retirement years.

5. Meet with a certified financial planner or financial advisor with a proven track record THIS MONTH who can help you through this planning process. (Ask someone you respect for a referral or search here.) There are numerous factors beyond those used in an income calculator that need to be taken into consideration.

6. Invest as much of the money you save into qualified retirement plans, such as a 401K, ROTH IRA, or SEP IRA. These types of plans will allow your investments to grow tax deferred, and with some plans you can invest pre-tax dollars. As an example, I wrote a check this week for my 2010 SEP IRA. This investment is subtracted from my gross income and, therefore, I do not pay taxes on this money until it is withdrawn. (It’s pre-tax dollars that grow tax deferred.)

If your company offers a matching 401K program I would highly suggest taking full advantage of it.

7. Don’t make risky investments. I have seen far too many people get greedy and lose all their money. If something sounds to good to be true, run from it. You are better off living a reduced quality of life during retirement than no quality of life.

8. Step up your game. Use this as motivation to become The Best of the Best at what you do. Move Up the Pay Scale and become a leader in your field of expertise. Increasing your income gives you the best opportunity to properly prepare for retirement while maintaining an optimal lifestyle today.

If you are not on track to achieving your retirement income objectives, let me encourage you to take control of your finances in 2011 and start planning for your future.

Not planning for retirement is like living with a disease and not doing anything about it. Eventually it will raise its ugly head; when it does, it will be too late.