GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
Youll trade in your long work hours and commute for years of relaxation on your own schedule.
But to retire for good, youll need to prepare financially.
A lack of savings and Social Security benefits can hold you back from the retirement you deserve.
Here are a fewsigns your retirement might be in trouble.
Thats a big red flag.
You might continue to work much longer than youd like, even if youd prefer a retirees schedule.
If this is you, try setting aside a small amount every paycheck.
Even if its just $25 or $50, the savings can add up.
And if you invest it, theres the potential for gains over the long term.
But those are just numbers, not a customized assessment.
You might live frugally enough to get by on 40% of your regular income or even less.
Take some time to consider what your expenses will be in retirement.
Make a realistic budget of what you think youll spend to figure out how much savings you need.
Also, consider your potential income sources to see what kind of differential youre left with.
you might check your current benefit status on the Social Security Administrations website to see where you stand.
Thats a problem, especially if youre close to retiring.
It can take years to whittle down a high-cost mortgage and credit cards.
And if youre paying off other debts like a car loan it just adds to the problem.
attempt to work out a plan to pay off most debts before you retire.
You might consider working with a financial advisor to devise a debt payoff strategy youll stick with.
You Have No Healthcare Budget
Once you turn 65, you may be eligible for Medicare.
But the most basic plan Medicare Part A only covers hospital stays, skilled nursing facilities and hospice care.
Youll need to upgrade to Medicare Part B, C or D to access other benefits like prescription coverage.
The more extensive Medicare plans require a premium payment, and youre still on the hook for co-pays.
have a go at figure the cost of Medicare or other health insurance into your retirement costs.
If youre short on funds, you may need to escalate your savings before retiring.
More From GOBankingRates
Share This Article:
