Ready to make 2018 the year you get your retirement planning back on track? If you feel like you’re behind on your retirement savings efforts, you’re not alone. A 2017 Gallup study found that more than half of Americans are worried that they won’t be able to afford retirement.1
It’s never too late take action and make improvements to your retirement savings efforts. A few simple changes may be all that’s necessary to get you back on track to live the retirement you’ve always imagined.
Of course, before you can take action, you need to analyze your planning and identify areas for improvement. Below are a few questions to ask yourself about your retirement and your current financial situation. The answers to these questions should provide some guidance as you develop and strengthen your retirement plan.
If you’re concerned about not having enough money for retirement, you’re not alone. According to Gallup’s most recent annual survey on Americans’ financial concerns, 64 percent of Americans are worried about their financial readiness for retirement. In fact, retirement has been the No. 1 financial concern every year since Gallup started conducting the study in 2001.1
For many workers, there’s an easy solution to their problem. They can simply work in retirement. Some workers may plan on staying with their current employer but transitioning to a part-time role. Others may look for all-new part-time employment after they retire.
There are certainly compelling reasons to plan on working after you retire. That income may help you take lesser distributions from your savings, allowing your assets to last longer. You may also be able to delay filing for Social Security, giving you a chance to increase your eventual benefit.