The majority of retirees today aren't just living longer — they're also living younger. Still vital and energetic once they hit 65, retirees can now expect to live another 20 to 30 years. While these extra years offer much to be desired, they also present financial risk — the risk that you could outlive your savings. In fact, concerns about having enough money in retirement are common among 40 to 55 year olds.

Projecting how much income you'll need to support your retirement lifestyle is the first step. It's not enough to simply add up all of your current expenses and decide that's your budget. You should take a long, hard look at your personal vision of retirement. Do you want to travel? Go back to school? Start your own business?

Like many retirees, you may actually see expenses rise during your first few years of retirement. After that, expenses may drop as you achieve your retirement dreams and begin to slow down. They may rise once again during your later years as health care costs kick in.

As you are plotting your income strategy, it is essential to establish an income floor — or the minimum amount you'll need to cover your projected expenses. One important thing to think about is how comfortable you are with your guaranteed income floor. In the past, many retirees were very comfortable with their pensions in combination with their social security payments.

Taking taxes into account is also essential, particularly if a majority of your retirement savings is in tax-advantaged accounts. How you withdraw those assets, and how you structure your income stream using taxable investments, will have a major impact on how much you actually get to keep.

The sooner you sit down with an Investment Advisor to begin crafting a strategy, the more opportunities you can create to enjoy the retirement of your dreams.