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Its not too late to retire, but it will require afocused strategy and a shift in expectations.
Know the Current Situation
The first step is knowing what your current situation looks like.
For many, the idea ofretirementcan feel overwhelming, especially when savings are minimal.
Fear often amplifies the uncertainty, making it hard to assess the real picture.
By extending retirement to age 72 and increasing contributions by 5%, the amount grows to $322,000.
Build a Strong Financial Foundation
Investing in retirement isnt feasible without a solid financial base.
Cruzes advice for Gen Xers starts with tackling debt.
Pause investing to get to pay off your debt faster, she said.
Once youre debt-free, Cruze advised setting up an emergency fund with three to six months of expenses.
Its not just a safety net it will allow for more aggressive retirement savings down the road.
Cruze recognized that adjusting plans can be tough, but focusing on what can be controlled today can help.
As Cruze said, The biggest turnaround youre going to have in your financial situation is up to you.
… Youre the one thats going to change the course of your future financially from this day forward.
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