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Unfortunately, if you want to retire before age 70, it might be too little.
Insufficient Savings
One of the most evident signs is having inadequate retirement savings.
To curb this, Shirshikov recommended upping the amount you save.
Investing in a diversified portfolio with a mix ofstocks, bonds and alternative assetscan enhance growth potential.
You just wont, said David Bakke, a financial expert atDollar Sanity.
Heres the good news you might need a lot less than you think.
Envision your retirement, and then take a conservative look at online calculators.
This includes mortgage balances, credit card debt or outstanding loans.
Luckily, there are ways to reduce your debt and expenses.
Streamline your expenses and prioritize paying down high-interest debt.
Bakke recommended getting an early start on reducing expenses.
Without a budget, you might be working well past age 70.
Get an idea of your income now, track your expenses and get to work on cutting costs.
He said hopeful retirees could consider part-time work, freelance opportunities or starting a small business.
Doing so could provide additional income sources and more financial stability.
These activities can supplement your retirement income and provide a safety net.
Additionally, investing in rental properties or dividend-paying stocks can createpassive income streams, Shirshikov explained.
In terms of your Social Security benefit, the longer you wait to retire, the higher it is.
He suggested boomers and Gen Xers research what their payments will be so that they can be better prepared.
Do a generic internet search, input your info and see your estimated monthly payment.
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