There are no miracles, quick fixes for retirement saving

For most people in their late 40s to late 50s there comes a moment when they realize they are financially unprepared for retirement. They haven't saved much to begin with, and their already inadequate savings are smaller than before after last year's terrible markets. They learn from conversations with colleagues that everyone feels the same. Some colleagues darken the mood even more by proclaiming Social Security won't be there when it's time to retire.

Don't despair. Instead, pick up a copy of Mark Miller's "Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track." Miller regularly writes on retirement for the New York Times, Reuters, Morningstar, and other publications. (I wrote the forward to the book.) He brings savvy insights and long experience to offer practical advice on how to boost financial security in retirement for the financially unprepared (which, personal experience and government data shows, is most of us).

There are no magic solutions or quick fixes. "What I do have to offer is a short list of practical strategies that can improve your financial security in retirement," he writes. "They are not necessarily easy, but they are achievable, sensible steps—and you still have time to take them."

Miller lays out the case for making a financial blueprint so that you know where you stand and what options make the most sense for your individual and household circumstances. He illuminates techniques for building savings late in the game.

"Retirement Reboot" offers the clearest explanation I have read on the benefits and choices retirees face with Social Security and Medicare. These bedrock social insurance programs are critical for financial security. For instance, one of the most important decisions a majority of workers make is when to file for Social Security benefits. There are financial benefits to holding off until age 70 (the latest you can claim) but many near-retirees can't wait that long (with age 62 the earliest to file). Miller explores the trade-offs in choosing a Medicare plan—traditional fee-for-service Medicare or managed care Medicare Advantage.

By the way, Social Security will be there when America's future retirees apply for benefits. But Miller offers a reasoned and passionate argument why Social Security and other social insurance programs should be improved and made much more generous. He's spot on.

Farrell is economics contributor to the Star Tribune, Minnesota Public Radio and American Public Media's "Marketplace."