Usually referred to as our "golden years," retirement is supposed to be a pleasant way for adults to transition into enjoying their remaining work-free lives. But for many Americans, saving enough for retirement can be a challenge. Rising inflation, stock-market downturns, and higher taxes all contributes to the challenges facing the retirement finances of both retirees and those who are nearing this milestone.

Falling behind instead of achieving goals.
When asked, many Americans report feeling behind on their retirement savings, with more than half of surveyed saying they are somewhat or significantly behind in their savings. Often referred to as a "retirement gap," the occurrence is a common generational problem, but the gap appears to be getting wider. Many people are struggling to pay for basics like food and shelter, so saving for retirement isn't at the top of their list.

Keep working, or retire?
Americans born prior to 1960 are eligible to receive full Social Security retirement benefits at age 66, but many of them retire at a much later age. The decision to retire is personal and varies from person to person. Some choose to retire at 66 while others work well into their 80s or 90s. In fact, research has revealed that working longer is associated with lower mortality, depression, and diabetes risks for mean and women both, according to the Center for Retirement Research. No matter what age you decide is best for retirement, being prepared is very important.

To boost your retirement income, consider incorporating some (or all) of these steps in your retirement planning:

• Start saving
• Contribute to your employer's retirement savings plan, if applicable.
• If your employer has a pension plan, check to see if you are covered, learn all you can about it, and take advantages of it if possible.
• Put money into an IRA.
• Estimate how much you will need in retirement (typically 70% to 90% of your pre-retirement income to maintain your standard of living).
• Make catch-up contributions to your retirement savings, if possible.
• Eliminate unnecessary expenses.
• Talk to a financial professional about creating an investment plan that fits your needs and goals.

You may not be able to check all these things off your list, but the important thing is to incorporate what you can. Every little bit helps, and your future will thank you. Contact an advisor today.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principle. This material was prepared by LPL Financial, LLC.

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