Think You’re Behind on Retirement Savings? Here’s What You Can Do

Tyson Noel

May 06, 2025

Realizing you have less saved for retirement than you need or hoped for can trigger concern about the future. The good news is, there’s always time to take strategic steps forward.

4 Tips for Setting Retirement Savings Goals

Evaluate your current position: A simple online retirement calculator can help you estimate how much you’ll need to close the gap between your current savings and your future goals. Contact the office for a more comprehensive analysis.
Understand future expenses: Consider anticipated retirement expenses, including lifestyle choices, travel, and potentially increased healthcare costs.
Plan for housing costs: Housing is a key part of retirement planning, whether staying put, downsizing, or transitioning to assisted living. Consider potential costs like maintenance, taxes, and home modifications for aging in place.
Account for inflation: A dollar today will buy less in the future—plan for rising expenses for essentials like groceries and utilities.

Key Considerations for Retirement Planning

Social Security can provide income support during retirement. This benefit is calculated based on your highest 35 years of earnings. As such, increasing your income in your remaining working years may help replace lower-earning years and potentially increase future benefits.

Additionally, exploring retirement account options, such as employer-sponsored 401(k) plans with matching contributions or Roth IRAs, can provide tax advantages and flexible savings strategies.

Ways to Boost Your Savings

Catch-up contributions: Those approaching retirement may be eligible to contribute more to retirement savings accounts.
Downsizing: Downsizing your home can reduce expenses and may provide tax benefits.
Cash values on insurance policies: As a last resort, you can consider exploring cash-value life insurance policies.

Work With an Advisor

Feeling confident about retirement starts with having a plan. Together, we can create a strategy to help you feel confident as you approach this stage.

This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information.

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.