(BPT) - Saving for retirement is a scary prospect for many Americans. In fact, just 14 percent feel confident they will have enough money to live on when they retire, according to the 2012 Retirement Confidence Survey by the Employee Benefit Research Institute. And 60 percent say they have less than $25,000 saved for retirement, the survey reveals.

Retirement planning and saving doesn’t have to be frightening or fruitless. Knowledge is power, and when it comes to preparing financially for retirement, the more you know, the more likely you are to succeed – and feel secure about your future in your golden years.

How much is enough?

Uncertainty over how much they need to save is a big concern among workers. Thirty-four percent of Americans have no retirement savings at all, according to a poll by Harris Interactive. How much you need to save now in order to have a good life when you retire depends on many factors, including your current income and age, the age at which you plan to retire and the expenses you anticipate you’ll face during retirement.

Fortunately, retirement calculators can help you get a better picture of how much you need to save. You’ll find plenty of calculators and information about saving for retirement from resources like freecreditscore.com. The calculators can give you an idea of how much income you’ll need from investments to live on during retirement, and how much of your current income you need to save between now and retirement.

Crunching credit numbers

Another important consideration is how you will interact with credit when you retire. It’s important to manage credit wisely during retirement, just as it is throughout your adult life.

Studies show that many Americans don’t regularly monitor their credit, which can be a costly mistake. In fact, 65 percent of Americans have not ordered a copy of their credit report within the past year, and 31 percent don’t know their credit score, according to the National Foundation for Credit Counseling’s Financial Literacy Survey.

Your credit report and score are important during retirement for a number of reasons. First, your score directly affects the cost of many important financial needs, such as auto insurance and interest rates. Also, while you should strive to minimize debt during retirement, it may not be practical – or even desirable – to completely eliminate credit use in your golden years. Finally, not keeping an eye on your credit report and score may mean you fail to quickly catch instances of fraud or identity theft. Senior citizens are often a favorite target for identity thieves and scammers.

Understanding your credit – leading up to retirement and during – should be a key part of your retirement planning. Websites like freecreditscore.com can help by offering enrolled members monthly statements, credit reports, credit score alerts, identity protection alerts and fraud resolution support.

Understanding your Social Security benefits

Too often, people planning for retirement either rely too much on Social Security or overlook it altogether. Neither route is best. It makes sense to incorporate Social Security as part of your overall retirement saving plan, as long as you understand what to expect from the program.

The Social Security Administration provides every taxpayer with statements about how much they can expect to receive when they retire. Your SSA statement is now available online. Simply log on to www.socialsecurity.gov/myaccount for an estimate of the amount of Social Security benefits you could receive upon retiring. Knowing how much you can expect from Social Security can help you plan your retirement savings strategies.

Saving for retirement doesn’t have to be intimidating. It’s never too late – or too early – to take control of your retirement savings goals.