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Financial experts weigh in onwhat boomers facing or starting retirement without savings should do immediately.
He said its important not to dwell on past financial decisions.
Instead, focus on taking practical steps to improve your current situation.
Honesty is very important here.
Facing your financial reality, including any debt, is the first step toward improvement, Weiss said.
This could mean cutting unnecessary expenses or finding small ways to increase your income.
Focus on what you might achieve this month and build from there.
If youre still working, continue for as long as possible, Rawal said.
Any income you earn and invest will supplement your Social Security.
Look for jobs that match your interests and skills, Fritch said.
Be Aggressive in Cutting Expenses
Review your expenses and make cuts where possible, Fritch explained.
Look for ways to reduce or eliminate discretionary spending on things like dining out, entertainment and hobbies.
Lower your monthly bills by downsizing or refinancing mortgage debt, Fritch said.
Professional guidance can help determine what options match your needs and risk tolerance, Fritch said.
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