The average American spends 20 years in retirement — and far too little time preparing for it financially.

Here are some basic tips on retirement planning, as compiled by the U.S. Department of Labor:

Experts estimate you'll need 70 percent of your pre-retirement income — lower earners, 90 percent or more — to maintain your standard of living when you stop working. Calculate what you'll need. Check the Labor Department guide to savings fitness on its Web site at www.dol.gov/ebsa/pdf/savingsfitness.pdf.

Social Security pays the average retiree about 40 percent of pre-retirement earnings. Call the Social Security Administration at 1-800-772-1213 for a free Social Security statement and find out more about your benefits at www.socialsecurity.gov.

If your employer offers a plan, check to see what your benefit is worth. Before you change jobs, find out what will happen to your pension. Learn what benefits you may have from previous employment. Find out if you will be entitled to benefits from your spouse's plan.

If your employer offers a tax-sheltered savings plan such as a 401(k), sign up and contribute all you can. Your taxes will be lower, your company may kick in more and automatic deductions make it easy.

If your employer doesn't offer a retirement plan, suggest that it start one.

You can put up to $5,000 a year into an Individual Retirement Account and gain tax advantages. If you're over 50, you put an extra $1,000 into your account in what's known as a catch-up contribution.

Don't dip into your retirement savings. You'll lose principal and interest, and you may lose tax benefits. If you change jobs, roll over your savings directly into an IRA or your new employer's retirement plan.

Make retirement savings a high priority. The sooner you start saving, the more time your money has to grow. Devise a plan, stick to it and set goals for yourself.

How you save can be as important as how much you save. Inflation and the types of investments you make play important roles in how much you'll have saved at retirement. Know how your pension or savings plan is invested. Financial security and knowledge go hand in hand.

Talk to your employer, your bank, your union or a financial adviser to get more information about retirement planning. Get practical advice and act now.