Are You Worried About Your Retirement?

When you first began your career, you may have set some retirement goals. Until this point, you’ve worked hard to reach your expected retirement age, all with a lifestyle in mind that you can lead once you can stop working.

But if you’re like many workers, you may be worried about whether you’re actually reaching your retirement goals. As your expected retirement date is draws closer, it’s normal to be worried about your financial future. If you’re concerned whether you’re really ready to retire, you have three options that could remedy the situation:

Keep working. If you’re in good health and still enjoying your career, why not work a few more years before you retire? You may be at your earnings peak at this time, so it’s a great time to stash extra money for retirement. You can also pay down debts so that you can enjoy your golden years free of excess monthly bills. Plus, delaying retirement can increase the size of your Social Security benefits by about 8 percent for each year that you work beyond your full retirement age.

Change your goals. If continuing to work is out of the question, then it might be wise to reassess your goals. If your desired retirement location, lifestyle, or other plans are going to be beyond your means, you can make other plans. You may decide that retiring now is worth sacrificing a few of your more lofty goals.

Find another source of income after you retire. If you’re worried about having enough money in retirement, consider a part-time or seasonal job to allow for more room in your budget. Many employers actively seek out retirees for their depth of experience. If retiring from your current job now is your top priority, taking on less stressful and more fulfilling part-time work may be a great way to supplement your expected retirement income.

Remember to talk regularly with your financial professional or insurance agent as your expected retirement date approaches. Together you can regularly review your priorities and financial outlook, and make adjustments to your plans as needed.