Everyone wants to retire comfortably and enjoy the fruits of their many years of labor. But, financial advisor D. Paterson Cope says that a lot of people are confused about what they need to do to get there.

To retire comfortably, you have to create a plan and stick to it. There are many standard approaches that financial experts will suggest, but ultimately, the plan has to be tailored to your needs and work for you.

If you're ready to take control of your retirement planning but don't know where to start, read on. The below simple steps will help you create a retirement plan that works for you.

Figure Out How Much You Need

Retirement should be viewed as a financial goal. There are many things you might want to do in retirement, including traveling, starting a side business or relaxing on a beach. None of this will be possible, though, if you don't have enough money.

So, the first step in creating a retirement plan is knowing how much you'll need in retirement. There are many ways to figure this out. Once you have a number in mind, then you can create a detailed plan for how you can get there.

Set Savings Goals

Next, consider how old you are now, how old you want to be when you retire and what you'll have to save on an annual basis in order to get there. You can get into the weeds with this, or you can go simple. If you're just starting on your retirement planning, a good idea, D. Paterson Cope says, is to start simple.

Aim to save approximately 15% of how much you earn before taxes on an annual basis. So, if your gross annual income is $50,000, aim to stash $7,500 of it away to your retirement. That breaks down to roughly $144 per week.

The great part about this approach is it allows you to easily increase your retirement savings as your income rises.

Pick the Right Investments

Depending on the type of retirement account you have, you may have a lot of choices when it comes to investments. Again, you can get very involved and pick individual ETFs and funds to invest in, or you could go more generic and choose target-date mutual funds.

Whatever route you take, the important thing to consider is your age and your risk tolerance. Generally speaking, the younger you are, the riskier you should be with your investments, as you're looking to generate large returns. As you get closer to retirement age, your risk tolerance should shift to a safer approach, as you look to preserve the money you've built in your savings.

Constantly Assess Your Investments

To maximize your returns and minimize your losses, you should assess your retirement investments on a constant basis. Once per year, you should analyze how your investments are performing and whether you need to make any changes.

According to D. Paterson Cope, you need to balance this aspect of retirement planning carefully. You need to always keep in the back of your mind that retirement savings is a long-term plan.

Don't overreact to big swings up or down in your investments. That's why it's a good idea to analyze your portfolio once a year and not more.

D. Paterson Cope

D. Paterson Cope, CFP® is the founder and CEO of Cope Private Wealth, a financial planning and wealth management firm specializing in assisting retirees and people who are about to retire. D. Paterson Cope has been providing financial advice for more than 30 years. He first earned the designation of Certified Financial Planner (CFP) in 1997. When he isn’t working, he enjoys spending time with his wife, Jennifer Miree Cope, and the rest of his family in Mountain Brook.