Now that the Gold medal conquest is over (for this Olympics), the literal gold rush can begin.  Michael Phelps's agent tells the Wall Street Journal (NWS) he estimates the record eight 2008 Gold medals will be worth "$100 million over the course of his lifetime." (And Sports Business News publisher Harold Bloom, believes that if Phelps competes in the next two summer Olympics, he could earn close to $1 billion come 2016.)

But when should America’s acclaimed Golden Boy, who is all of 23, begin to put aside earnings for his other Golden Years? The answer is right now, even though, "people like Michael Phelps, who are bringing in millions, don’t have to be as [stringent] with retirement savings,” says Daniel Solin, a Registered Investment Advisor and author of The Smartest 401(k) Book You’ll Ever Read. “As for the rest of us, we have to consider our options and begin saving in our twenties.” It takes approximately 40 years to save up for retirement, he adds.

To start your planning, first get a sense of how much you will need to fund your retirement. TheStreet.com has a good calculator  that can help get your feet wet.

401(k)s
Some 70 million American employees are currently participants in what Solin calls a “flawed system” by investing in 401(k) and 401(b) plans. “The 401(k) system should make it impossible to make bad choices, but it really makes it impossible to make good choices largely due to the minimized options offered by the securities industry,” Solin says. One of the disadvantages in this investment arises years after the initial investment was made, when taxes fluctuate. “With a 401(k), you’ll be taxed at an ordinary income rate, which will be ‘who knows what’ down the road,” he adds. Solin advises employees look into other investments, along with a 401(k) or 401(b) plans, especially if their employers do not match their input.

Roth IRAs
“A Roth IRA will give you tax free money,” says Solin. “If people can invest in this, they should.” Check out this calculator brought to you by www.TheStreet.com to see if you qualify for a Roth IRA,  Which Is Better For me, A Traditional IRA or a Roth IRA?.
If you already invest in a Roth IRA, you can use this calculator How Much Will My Roth IRA Be Worth At Retirement? to assess its potential for your retirement.
 And for those who don’t qualify, maintaining a traditional IRA How Much Will My Traditional IRA Be Worth at Retirement? is sufficient as well.

Asset Allocation
Depending on an employee’s age and income, investment strategies should vary. According to Solin, those with a longer time horizon should invest more in stocks, while older investors should look into more conservative portfolios How to Rebalance Your Portfolio. Find out what options best suit you by taking the

Asset Allocation Questionnaire
The results will tell you what percentage of your investment spending should be designated to stocks compared with bonds. (Generally, people with less than five years to retirement should look more into bonds, but those who are just beginning their career should be more apt to risks.)

But before retirement investing, Solin recommends you have at least six to 12 months of living expenses in liquid accounts, like FDIC ensured CDs. “When it comes to planning for retirement through investing,” he says, “ignore the financial media, don’t trust a broker, and do not try to outguess the stock market.”

Related Links:
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How to Plan Spending in Retirement
Finance Lessons Olympians Can Teach You