Is retirement approaching? Worried that you won’t have enough money? You have company. According to a recent study from the Transamerica Center for Retirement Studies, baby boomers have a median retirement savings balance of only $147,000.1 While that number may represent a good start, it’s unlikely to be sufficient to fund a long retirement.
Baby boomers face a number of unprecedented retirement challenges. Many don’t have pensions, which means they have to shoulder the burden of funding their expenses in retirement. Retirees also have to contend with a longer life span, which means they need to cover more years of spending. Health care is also a substantial area of expense.
Fortunately, it’s never too late to correct course. With careful planning and quick action, you can retake control of your retirement. Below are three steps you may want to consider. A financial professional can help you analyze your needs and implement the best course of action.
According to a recent Gallup study, retirement is America’s top financial worry. The study found that more than 50 percent of Americans are concerned that they won’t be able to fund their retirement.1
It’s easy to fall behind on your retirement planning. If you’re like many Americans, you have other financial challenges that may seem more pressing. Perhaps you’re struggling with debt. Maybe you’re paying for your child’s education. When you add up your normal expenses, it may be difficult to find additional funds to put toward retirement.
Fortunately, it’s never too late to correct course and get back on track. Below are a few warning signs that you aren’t as prepared as you should be. If any of these sound familiar, it may be time to develop a new strategy. A financial professional can also help you implement a retirement strategy.