The average American will face a 28% income shortfall in retirement, according to a recent survey by Fidelity Investments. And that's just the broad percentage: In dollars-and-cents terms, Gen Xers will be scrambling to find an extra $1,700 a month to cover living expenses, while baby boomers will fall a whopping $2,100 a month short of what they need to maintain their current standards of living.

That may sound like an insurmountable problem, but don't throw in the towel. As Fidelity's Kathy Murphy says, "finding the money to fill the income gap is not unattainable."

But if you want to do so, "take action now -- and the sooner the better."

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Here are five relatively easy steps you can take -- some as soon as today -- that will help prevent an income deficiency when you do retire.

1. Boost Your Stock Exposure. If you're 40 or younger, adding a higher percentage of stocks to your portfolio with a lower allocation to bonds will allow your portfolio to grow more quickly than if you were in a "safer" allocation focused on a higher bond exposure.

Stocks have historically grown at roughly 10% a year, but even an allocation of 83% stocks and 17% bonds (as Fidelity hypothetically uses) could return 8.4% a year.

Unfortunately, if you're older than 40, a higher allocation to stocks is riskier and -- although it could help your portfolio grow more rapidly -- could have a detrimental effect on your investments if you retire during a bear market.

2. Save More. A Lot More.

Most Americans still don't participate in employer-sponsored retirement plans like 401(k)s. And this is a colossal mistake.

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A 5-Step Plan to Fill That Scary Retirement Income Gap

Not so long ago debt "was a four-letter word when spoken in the same breath as "retirement." Before waltzing into their golden years, older Americans paid off their loans, then celebrated by burning the mortgage.

How things have changed!

Now a third of folks 65 and older have a mortgage vs. 20% two decades ago, according to recent Census data. Median balance: $56,000.

Meanwhile, seniors 65 and up carry an average $10,235 on credit cards, think tank Demos reports.

The affluent are not immune, either. Among households headed by those 65 and up with incomes over $100,000, 25% have nonmortgage liabilities, says the Center for Retirement Research at Boston College.

You don't have to be totally debt-free before your golden years, to be sure. But financial planners caution that too much red ink, and the wrong kinds, can diminish your standard of living.

Make sure IOUs won't weigh you down by taking these steps before retirement:

See how you'd manage. Remember that your income is likely to decline once you leave the workforce.

"You don't want to go into retirement with more obligations than you can honor," says Gail Cunningham of the National Foundation for Credit Counseling.

So use T. Rowe Price's Retirement Income Planner to estimate what you'll get annually from pensions, Social Security, and investments. Then total up the monthly nut on mortgages, car loans, and other installment loans; add on what it would take per month to pay off your credit card in three years and your HELOC in five (you can use CNNMoney's debt-reduction planner to calculate both). Divide the sum by your projected monthly income.

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Don't Let Debt Weigh Down Your Retirement

TORONTO, ONTARIO--(Marketwire -05/16/12)- BMO Financial Group released a study today indicating that many Canadian homeowners are feeling the pinch of balancing mortgage responsibilities with saving for retirement.

The survey, conducted by Leger Marketing, found the following:

"Paying off your mortgage prior to entering retirement is very important, because it will eliminate a significant amount of debt and keep you from having to manage higher debt loads after you stop working," said Tina Di Vito, Head, BMO Retirement Institute. "When you are no longer receiving employment income, it makes it much harder to let go of large amounts of money."

While saving for retirement and paying off a mortgage can often become competing priorities, many experts recommend finding a balance between both but placing extra focus on paying off a mortgage first.

"If your retirement is only a few years away, it is wise to try and pay off your mortgage before you enter retirement," said Laura Parsons, Mortgage Expert, BMO Bank of Montreal. "On the other end of the spectrum, for younger Canadians entering homeownership, it's important to consider options that will ensure mortgage debt can be paid down faster and well before their retirement years."

Ms. Parsons added that choosing a shorter amortization and taking advantage of pre-payment privileges where possible is one way to achieve a mortgage-free retirement.

"If you're buying a home at the age of 30, the difference between paying off your mortgage at 55 instead of 60 can have a significant financial impact on your retirement picture," said Ms. Parsons.

Regionally, the survey revealed:

Trying to pay down your mortgage faster? BMO provides the following advice:

Choose a shorter amortization: Choose a mortgage with a shorter amortization, which allows you to build equity in your home. A shorter amortization will help you pay less in total interest, protect against the possibility of rising interest rates and help secure a debt-free retirement.

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Mortgage Debt Hindering Retirement Planning: BMO Study

FRAMINGHAM, Mass.--(BUSINESS WIRE)--

Staples, Inc. (Nasdaq: SPLS - News) announced today the results for its first quarter ended April 28, 2012. Total company sales for the first quarter of 2012 were $6.1 billion, a decrease of one percent in U.S. dollars and flat on a local currency basis compared to the first quarter of 2011. Net income for the first quarter of 2012 decreased six percent year over year to $187 million. Diluted earnings per share, on a GAAP basis, decreased four percent to $0.27 from $0.28 achieved in the first quarter of 2011.

During the first quarter of 2012, the company recorded $28 million of pre-tax expenses primarily related to headcount reductions in North America, Europe and Australia, as well as the settlement of a contractual dispute associated with the acquisition of Corporate Express. These expenses negatively impacted the companys first quarter 2012 diluted earnings per share, on a GAAP basis, by approximately $0.03.

In North America we continue to build momentum in categories beyond office supplies while trends in our international business remain soft, said Ron Sargent, Staples chairman and chief executive officer. Our plans remain on track to grow both sales and earnings during 2012.

On a GAAP basis, first quarter 2012 operating income rate decreased 43 basis points to 5.21 percent. This decrease primarily reflects severance costs related to headcount reductions, as well as deleverage of fixed expenses on lower sales in International Operations, partially offset by reduced marketing and supply chain expense.

The company generated operating cash flow of $147 million and invested $52 million in capital expenditures, resulting in free cash flow of $95 million during the first quarter of 2012. The company returned $75 million to shareholders through cash dividends and repurchased 5.9 million shares for $93 million during the first quarter of 2012. At the end of the first quarter, the company had $2.3 billion in liquidity, including $1.2 billion in cash and cash equivalents.

North American Delivery

North American Delivery sales for the first quarter of 2012 were $2.6 billion, an increase of two percent compared to the prior year period. This primarily reflects double-digit sales growth in facilities and breakroom supplies and strong growth in copy and print and promotional products. Operating income rate increased three basis points to 7.87 percent compared to the first quarter of 2011. This increase primarily reflects supply chain efficiencies, partially offset by a pre-tax expense of $8 million related to headcount reductions and the settlement of a contractual dispute associated with the acquisition of Corporate Express, as well as lower product margins.

North American Retail

North American Retail sales of $2.3 billion were essentially flat compared to the first quarter of 2011. Comparable store sales for the first quarter of 2012 were flat, as average order size and customer traffic were unchanged versus the prior year. Operating income rate decreased 43 basis points to 7.18 percent compared to the first quarter of 2011. This decrease primarily reflects a pre-tax expense of $4 million related to headcount reductions and the settlement of a contractual dispute associated with the acquisition of Corporate Express. The decline also reflects ongoing investments to drive growth in categories beyond office supplies, partially offset by reduced marketing and depreciation expense. During the first quarter, the company opened three and closed six stores in the U.S. and opened one and closed one store in Canada, ending the first quarter of 2012 with 1,914 stores in North America.

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Staples, Inc. Announces First Quarter 2012 Performance

ALBANY, N.Y.--(BUSINESS WIRE)--

Momentive Performance Materials Inc., a leading global provider of silicones and advanced materials, focused on some of the fastest growing trends in personal care products with new additive technology exhibited at NYSCC Suppliers Day in Edison, New Jersey, May 15-16. These trends include enhanced color protection, as more and more consumers with different hair types are coloring their hair; advanced thermal protection, as the popularity of thermal hair styling continues to grow; more effective sun protection, with continued consumer concern over the harmful effects of ultraviolet light; and improved sustainability, with increasing consumer interest in products that have minimized or eliminated the use of such ingredients as parabens and ethylene oxide.

Momentives celebrated history of innovation in personal care technology traces back more than 25 years with the introduction of the first commercialized silicone for 2-in-1 shampoo and conditioner in 1986. Since then, the company has helped many of the personal care industrys leading brands bring competitively differentiated products to market that address key consumer preferences in hair care, sun care, skin care and color cosmetics.

Over the years, the science behind feeling beautiful has grown increasingly complex, as the range of benefits offered to consumers has become more diversified and personal care products themselves becoming more versatile or more specialized, said David Cohon, Global Marketing Director, Personal Care, Momentive Performance Materials. At Momentive, our job is to help our customers continually create and feed consumer demand by providing additives that help their formulations do more. Its hard for consumers to see, but theres a lot of science that goes into helping them look and feel their best. And because these are consumer products, formulators want to work with companies they can trust companies, such as Momentive, that have been in the business for years and have the global bandwidth to develop and deliver products anywhere they are needed.

Recent product introductions that offer some of the most sought-after product performance and processing benefits are highlighted below. To download a copy of Momentives personal care brochure, please click here for Silicone Specialties for Personal Care.

For more information about Momentives solutions for the personal care industry, please call 800.295.2392 in North America (+1 614 986 2495 everywhere else), email 4information@momentive.com or visit http://www.momentive.com.

About Momentive Performance Materials Inc.

Momentive Performance Materials Inc. is a global leader in silicones and advanced materials, with a 70+ year heritage of being first to market with performance applications for major industries that support and improve everyday life. The company delivers science-based solutions, by linking custom technology platforms to opportunities for customers. Momentive Performance Materials Inc. is an indirect wholly-owned subsidiary of Momentive Performance Materials Holdings LLC. Additional information is available at http://www.momentive.com.

About Momentive

Momentive Performance Materials Holdings LLC is the ultimate parent company of Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. (collectively, Momentive). Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products that help industrial and consumer companies support and improve everyday life. The company uses its technology portfolio to deliver tailored solutions to meet the diverse needs of its customers around the world. Momentive was formed in October 2010 through the combination of entities that indirectly owned Momentive Performance Materials Inc. and Hexion Specialty Chemicals Inc. The capital structures and legal entity structures of both Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.), and their respective subsidiaries and direct parent companies, remain separate. Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. file separate financial and other reports with the Securities and Exchange Commission. Momentive is controlled by investment funds affiliated with Apollo Global Management, LLC. Additional information about Momentive and its products is available at http://www.momentive.com.

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New Technology from Momentive Performance Materials Focuses On Fastest Growing Trends in Personal Care Products

COLTS NECK, N.J., May 16, 2012 (GLOBE NEWSWIRE) -- In early-May, more than 150 RetroFitness franchise owners, vendor partners, and company corporate executives joined together at The Borgata Hotel and Casino in Atlantic City, N.J. to celebrate the growth and success of the national fitness company's franchise system.

With an emphasis on providing value to consumers at the current $19.99 a month memberships, the two-day event kicked off with a vendor trade show where RetroFitness franchise owners experienced firsthand new product and equipment innovations available to them to gain a more competitive advantage in the marketplace.

Eric Casaburi, founder and CEO of RetroFitness, held an hour-long corporate meeting and shared the company's vision for 2012 and strength of the brand as a whole.

"It will be a strong year for our company. We are adding incredible value to our gyms without increasing price. By demanding high-quality gyms and increasing the experience of our member's workouts, we will stand out against the competition," Casaburi said. "The conference was a high-energy event that produced new ideas on what we need to do to remain a leading fitness concept. The takeaways were unbelievable and we look forward to another impressive year of growth for RetroFitness."

To further position the franchisee's for success, company executives spoke at a series of business seminars that lasted throughout the course of the conference, educating franchisees on how to drive the RetroFitness culture and enhance business performance levels within their gyms.

Adding to the excitement in the conference was a guest speech by NFL legend, Rocky Bleier, most notable as former Pittsburgh Steelers running back and four-time Super Bowl champion, spoke to the crowd about leadership and teamwork.

Since it began franchising, RetroFitness currently has more than 100 new clubs in its development pipeline, nearly 250,000 members, and more than 80 clubs operating. In 2011, RetroFitness opened 20 new gyms and inked more than 25 franchise agreements. The company projects 300 gyms in the next three years, focusing on key markets such as Maryland, New York, Virginia, and Washington D.C.

The RetroFitness franchise model continually attracts high-quality, single and multi-unit investors who have a strong business acumen. Offering entrepreneurs the opportunity to open in 10,000 to 16,000 sq. ft. spaces in key U.S. markets where prime real estate is more affordable than ever before, RetroFitness is "fit" for investors in the current economy.

RetroFitness features a full collection of top-of-the line strength equipment and cardio machines from industry leaders, such as Life Fitness and Iron Grip, complete with individualized LCD television monitors. Each gym offers members a RetroTheatre where members can work out in a darkened room on cardio machines while watching movies. In addition, members can enjoy personal training, tanning, full-service locker rooms, a RetroBlends juice bar and onsite chiropractic services, in addition to other amenities.

For more information, please visit http://www.retrofitness.net or call 1800-RETRO-04.

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RetroFitness Celebrates Past Years' Success and Focuses on Bright Future at Fourth Annual National Conference

LONDON--(BUSINESS WIRE)--

ACE European Groups Chairman, Andrew Kendrick, today set out a five-point approach for European success as he addressed delegates in a keynote speech to the Insurance Day Summit in London.

Speaking to more than 100 chief executives and senior management from the London insurance market, Andrew Kendrick advised that European insurers and brokers need to think differently about the EMEA (Europe, Middle East and Africa) region in todays low-growth economy if they are to unlock future opportunities. Andrew Kendrick said that the five key ways in which ACE is thinking differently about the region are:

The experts believe that growth in world trade will continue to outpace growth in GDP in the years ahead. So global trade growth is a megatrend thats here to stay, and therein lies the first opportunity for Europes insurance industry.

As European clients continue to focus on financial counterparty risk, I believe that financially strong insurers will be able to claim real competitive advantage I predict that balance sheet strength will become a driver of differentiated pricing in Europe in the not too distant future.

Europe is a region with an ageing population, and considerable personal wealth. At the same time, it has massive unfunded pension liabilities and costly healthcare systemsAs a result of all this, I believe that some of Europes best opportunities lie outside the P&C sector right now.

The good news for our industry is that insurance is becoming an increasingly understood aspect of social and economic well-being across the regions emerging markets, from Poland to the GulfAnd as a close neighbour, Europes insurance industry is well placed to take advantage.

In the wake of all the economic turmoil and the hubris at the banks, London has steadily reasserted itself as the capital of global insurance.

Andrew concluded by predicting that for those insurers and brokers prepared to think differently, and to look beyond the obvious, Europe still offers a world of opportunity. Industry participants based in London should be particularly well placed to take advantage of the most important macro trends, such as the growth of trade and emerging markets, he said.

A full transcript of the speech is available on the ACE European Group website at http://www.acegroup.com/eu

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Andrew Kendrick Shares Five-Point Approach for European Success in Keynote Speech to Insurance Industry

SUNNYVALE, Calif.--(BUSINESS WIRE)--

Sgrouples, Inc. (www.sgrouples.com) officially launches into public beta today offering a private alternative to the social network, and a robust suite of services it hopes will make it an all-in-one tool for weary Web users.

Sgrouples free custom dashboard lets users create private personal groups, import and manage their social networks like Facebook and Twitter, and provides personal cloud storage.

We believe social network fatigue, particularly over privacy, and demand for personal clouds, will be the key driving forces in the social space over the next one to two years, said Mark Weinstein, founder and CEO of Sgrouples, and an early pioneer of Web 2.0 services. As the Facebook IPO is this week, we feel that now is the perfect time to launch the all-in-one Sgrouples service, which offers an antidote to large social platforms like Facebook by building true privacy into the user model - no tracking, no profiling and no sharing of personal information.

Weinstein is a 15-year veteran of social media, before it even existed as an Internet category. He was the founder of SuperGroups, which in 1999 was hailed by CNN, Time, Bloomberg News and Dow Jones, among others, and was a popular precursor to todays social networks and community sites.

Ive followed Sgrouples for nearly a year, said Colin Sebastian, director, equity research, for RW Baird.Their leadership and development team have incredible vision and are making terrific progress.Moreover, the company is an early mover in addressing growing consumer concerns about social platform overwhelm and user privacy.

Privacy by design is a key selling point for Sgrouples.com, which offers an unprecedented level of protection in its user bill of rights (https://sgrouples.com/privacy), patent-pending permission tool and transparent privacy policy. As Weinstein points out, Sgrouples.com does not track, monitor or profile its users, and no personal information will ever be gathered or shared with third party companies.

Its our belief that users are growing tired of large platforms like Facebook, and are ready to migrate towards smaller, more exclusive communities that can offer real privacy and trust in the social experience, said Weinstein. We want to re-engineer the social experience by allowing users to connect in a closer way with people they know, in a private platform they trust. Our goal is to create one private place, with a robust suite of services, where people can come to organize all of their real life communities.

WHAT IS SGROUPLES?

Sgrouples.com is a free all-in-one suite of services that combines many popular features on the Web in one easy-to-use place. From a single user-friendly dashboard, members can start their own private groups; manage their Facebook, Twitter and other social media accounts; and enjoy a personal cloud to save and share photos, documents and important files.

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Sgrouples.com Launches Public Beta - Targets Growing Facebook Fatigue

SLOUGH, UNITED KINGDOM May 16, 2012: Representing an evolution of the U3-X personal mobility concept device that Honda announced in 2009, the UNI-CUB features a compact design with comfortable saddle and offers the same freedom of movement in all directions that a person enjoys while walking. This is achievable by Hondas development of proprietary balance control technology and the worlds first omni-directional driving wheel system (Honda Omni Traction Drive System) inspired by robotic technologies developed for Asimo, Hondas world-famous humanoid robot.

These technologies allow the rider to control speed, move in any direction, turn and stop, all simply by shifting his or her weight. Since the rider can freely move forward, backward, side-to-side and diagonally, he or she can quickly and easily manoeuvre among other people.

Moreover, UNI-CUBs compact saddle-style packaging makes it easy for the riders legs to reach the ground while maintaining eye-level height with other pedestrians. This configuration promotes harmony between the rider and others, letting the rider travel freely and comfortably inside facilities and among moving people.

From June 2012 until March 2013, Honda will jointly conduct demonstration testing of UNI-CUB with Japans National Museum of Emerging Science and Innovation. Staff will perform demonstrations and use the device for making their rounds, while the museums annual pass holders will have the opportunity to test ride UNI-CUB. In addition to testing the feasibility of using UNI-CUB indoors, this project will explore the practical applications of the device in a wide range of environments within Japan and other countries.

Going forward, Honda will continue its proactive research and development of next-generation mobility technologies, with the aim of continually looking for innovative yet practical ways to offer society and individuals the joy, fun and convenience that comes from the freedom of movement.

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Honda Announces New UNI-CUB Personal Mobility Device

FOSTER CITY, CA--(Marketwire -05/16/12)- Funambol, the leading provider of white-label personal cloud solutions for mobile providers, today announced the launch of its Android app with in-app upgrades using operator billing by the Wholesale Applications Community (WAC). The app allows customers to instantly purchase cloud storage upgrades by tapping a button on their smartphone or tablet for inclusion on their mobile bill. The in-app upgrade enabled by WAC makes it instant for people to acquire more cloud storage at the moment of need, eliminating the use of a credit card or other payment means. Carriers currently utilizing the WAC Payment API include AT&T, Deutsche Telekom, Telefonica, Korea Telecom, SK Telecom and Telenor.

"Funambol demonstrated that the WAC billing API can very easily be integrated into any app," said Paul Kenny, WAC VP of Business Development. "By integrating the WAC API, Funambol has instant access to the WAC carrier membership community, without having to work independently with all of those carriers."

The benefit to carriers is they can instantly make the Funambol personal cloud service available to users and gain revenue-sharing, as the app is integrated with their billing. This makes the user experience seamless, encouraging adoption, increasing customer loyalty and reducing churn.

"Funambol is thrilled to announce our newest personal cloud app with support for operator billing from tier-1 carriers globally," said Amit Chawla, Funambol CEO. "Funambol's access to operator billing will streamline app purchase and billing for hundreds of millions of users."

About WACThe Wholesale Applications Community (WAC) is an open global alliance made up of leading communications companies including network operators, device and network equipment manufacturers. WAC is committed to making it easier for developers to innovate by using operator network APIs delivered by a single cross-operator API platform. Concentrating in Asia for now, WAC also supports a HTML5 based application platform. WAC's payment API delivers a simple, safe and easy-to-use payment experience for customers across both fixed and mobile networks that helps drive conversion rates and repeat purchases. WAC centralizes the development, testing and submission process and allows developers to reach potentially millions of customers worldwide with unified terms and conditions that covers all WAC member operators. See http://www.wacapps.net for more information.

About FunambolFunambol is the leading provider of white-label personal cloud solutions for mobile providers. Funambol solutions have been deployed by many of the top companies in mobile, including operators, device makers and Internet portals. For more information, visit http://www.funambol.com.

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WAC Certifies Funambol Personal Cloud App for Major Carriers Worldwide