Retirement is meant to be a new chapter, but for many, it comes with uncertainty. You are not alone if you are getting close and feel financially behind.
Whether your savings are not where you planned, your debt feels unmanageable, or you are unsure what comes next, there are ways to take back control and improve your financial outlook.
For starters, be sure to earn as much as possible on your emergency savings. SoFi Checking is offering 3.8% interest, plus a potential $300 signup bonus. (May change without notice.)
1. Face your numbers honestly
It is tempting to avoid looking at your full financial picture, especially when you suspect it is not pretty. But ignoring it will not help.
Gather your account balances, income sources, monthly expenses, and any debts.
As you create a retirement-ready budget, do not forget to include health care costs, a major expense for many older Americans.
Get help from a licensed Medicare agent to find the right plan and maximize savings. Compare plans today.
2. Get serious about cutting costs
If your money feels tight, reduce spending in areas you can control. Cancel subscriptions you do not use.
Shop around for better rates on insurance or phone service. Downsizing your lifestyle slightly now can prevent major sacrifices later.
Multiple small outgoings can combine into significant sums. For example, if you pay more than $15 a month for your cell service, you can save money. Click here to save a bundle.
3. Supplement your retirement income
Even a modest income boost can help stretch your retirement budget. Look for low-effort ways to earn a little extra without disrupting your lifestyle.
That might mean turning a hobby into cash, renting out a room, or finding other easy wins.
There are ways to earn income with barely any effort. For example, taking surveys in your free time. Over $55,000 is paid daily across all of this company's members who take simple online surveys — no experience needed.
4. Make your home work for you
Your home is more than a place to live. It is also a powerful financial tool.
You may be able to unlock value from it without moving or borrowing in the traditional sense. Explore your options now while the market is still strong.
Americans nationwide collectively have $30 trillion in untapped home equity. Hometap may allow you to unlock up to $600K of your wealth without monthly payments, personal liability or taking on debt.
5. Be smart about investing
Even if you started late, smart investing can still help grow and protect your savings. Diversifying into inflation-resistant assets may reduce risk as you approach retirement.
Now is not the time to chase returns, but to build stability.
Historically, gold has been a reliable investment for protecting your savings. You might like to open a gold IRA to help shield your savings from inflation, market swings, and economic uncertainty.
6. Take advantage of catch-up contributions
Once you turn 50, you can contribute more to your retirement accounts each year.
These catch-up limits let you save extra money in IRAs and 401(k)s while reducing your taxable income.
Remember that every year you wait on retirement saving costs you. Start today with matched contributions and watch your money grow! Sign up for a SoFi IRA and take advantage of compounding interest so you can retire comfortably. The longer you wait, the less you’ll earn. Get started today.
7. Explore lifestyle-based benefits
As you enter retirement age, you may qualify for discounts, perks, or support services you are not using.
From travel and dining to prescription savings and financial tools, programs designed for retirees can stretch your money further.
You can really slash expenses on dining, travel, eyeglasses, prescriptions and more with AARP — Just $15/year with auto-renewal. Join now and save hundreds.
8. Get professional guidance
If you are still unsure how ready you are or what to fix first, talk to a financial advisor specializing in retirement planning.
An outside expert can help you spot opportunities, avoid common mistakes, and make a workable plan.
If you’ve got more than $100,000 in savings, SmartAsset offers a free service that matches you to a vetted, fiduciary advisor in less than 5 minutes.
Take control before it is too late
Even if retirement is right around the corner, there is still time to make a difference.
Act now, fix what you can, get help where needed, and focus on progress rather than perfection.
If your biggest worry is existing debt, and you have more than $20,000 in unsecured debt, get some professional help without delay. National Debt Relief is a trusted source for free advice and assistance.
A little action today can mean more peace of mind tomorrow.
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