Did you ever think you'd send messages by e-mail, balance your checkbook on a computer, watch televised images of the planet Mars? Well, you probably never thought you would go back to school in your 50s and 60s, start a second career, run a marathon after retirement or live to celebrate your 90th birthday. But today's retirees are.

No doubt about it, the world has changed. And to catch up, the way you think about your future has to change, too. Like many people, your image of retirement may be based on the few years your grandparents enjoyed after they stopped working. Or, maybe you have an older aunt and uncle who retired comfortably on Social Security and company pension.

Unlike these prior generations, you can probably expect a great many active years after retirement. That means you'll need more income for retirement than past generations did. Today, you live in a world where Social Security provides only a basic foundation for retirement income, and traditional company pensions are decreasing in number.

Are You Prepared to Live to Age 90?
Dramatically longer life spans mean you may spend 20 to 30 years in retirement - fully one-third of your life. With modern medical advances, there's a greater chance most of those years will be healthy, active one in which you likely will want to spend more money on travel, recreation and leisure activities. They can be years in which an adequate income could free you to tackle a variety of new and challenging pursuits.

How Much Can You Count on from Social Security?
Social Security provides a basic foundation, but you likely won't want to rely on it alone. In January 1995, while the average monthly benefit was just $698.

Social Security also faces a troubling future as the population ages and fewer workers are available to support each retiree. Today 3.4 wage earners pay the Social Security taxes that fund retirement benefits for each retired worker. If present trends continue, by the year 2035, fewer than 2 workers will bear the same burden. This may mean a cutback in Social Security benefits.

The financial squeeze has already resulted in traditional retirement age, as defined by Social Security, moving upward. If you were born after 1960, you won't receive full Social Security retirement benefits under current law until a new standard retirement age of 67. Some lawmakers are proposing postponing full benefits to age 70.

For higher-income retirees, taxes are also nibbling away at Social Security benefits that used to be tax-free. Today, up to 85% of benefits are taxable for higher-income people.

Do You Have a Guaranteed, Company-Paid Pension Plan?
Few of us are covered by pension plans with guaranteed benefits. In a decline since the mid-1908s, traditional company-paid pensions are being replaced by 401(k) and similar contributory plans. With these increasingly popular "defined contribution" plans, your retirement benefits depend on you - how much you contribute and how wisely you invest the money - not on the generosity of your employer.

Have You Changed Jobs More Than Once or Twice?
Job security, once a cornerstone of the American dream, seems to have gone the way of the leisure suit - a casualty of the '80s global completion. Today, if you work for a single employer your entire career, you're probably in the minority.

Inflation - Will It Affect My Retirement Lifestyle?
With the decline in the rate of inflation in recent years, you might think it's no longer a threat to your retirement. Wrong! With lengthier retirements, inflation can still have a corrosive effect on your purchasing power.

It's slow and it's subtle, but one of the biggest financial risks you face over the long haul is the loss in the value of the dollar.

For example:
* Nationally, the median price of a house in 1976 was $43,340. By 1993, the median price was $141,900. (*Source: Chicago Title and Trust)

* If you went to college in 1963, the cost for one year at a four-year private university was about $2000. By 1980, parents were paying an average of $6,500. Put a child through a private college today, and you can spend $16,700 on the first year alone. (*Source: Octameron Associates)

These are just two example of the impact of inflation. It may have leveled off from its double-digit peak of the 1980s. But it hasn't stopped. And there's no reason to think it will.

What's The Bottom Line on The New Retirement Realities?
Your retirement is likely to last many years, perhaps up to a third of your life. You probably can't count on enough income from Social Security. You're less likely than ever to have a company pension plan. And, inflation will continue to erode the value of a dollar, cutting into your purchasing power.

How do you finance this prolonged period of life without work? Only by making the most of your financial resources during your working years and during your retirement. This is the fundamental challenge at the crux of the new retirement realities. It's up to you and no one else - not the government or your employer - to take personal responsibility for your own financial well-being in retirement.