For most of us, a comfortable retirement was the ultimate dream — the pot of gold at the end of a rainbow marking a long, and hopefully happy, career. Unfortunately, the reality today feels much harsher. That pot of gold that would have sustained our golden years has either lost its glow, or it feels like it’s been raided.
Think you can’t become a Millionaire on a middle-class income? Learn how others are growing real wealth.
Need side hustle ideas that can earn you up to $1K a month from your couch? Learn how, no experience required.
If you feel like it’s harder than ever to save for retirement, you’re hardly alone. According to a recent CNBC survey, 82% of workers say that achieving a comfortable retirement is “much harder or somewhat harder” than it was for their parents’ generation. Contributing factors include the decline of traditional pensions, the higher cost of living — from groceries to education to healthcare — and longer life expectancies.
Those are some daunting facts. But there are ways you can work toward a brighter future and start adding to your own pot of gold.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Between the rising costs of, well, everything — plus outstanding debts and loans, especially student loans — it can be hard to keep track of your expenses, let alone save for retirement. Around 47% of Gen Xers and 52% of Millennials who responded to the CNBC survey said that the burden of paying off loans or debts is the top reason why their retirement savings aren’t where they want them to be.
Not to mention the allure of the latest I’ll-never-know-when-I-need-it gizmo from TikTok shop. By the time you’ve paid your debts and treated yourself, you may find yourself staring at a reduced bank account and little progress toward retirement. If you find yourself in that position, it’s time to take a cold hard look at your financial goals.
Tracking your expenses to see where you can cut or reduce costs is a great first step. For the next leap forward, focus on paying down high-interest debt, like credit cards, to free up more cash to save. And remember this classic piece of financial advice: pad your emergency fund. Having a solid financial cushion to handle unexpected expenses will keep you from cracking the safe to your retirement too early.
No person is an island. That’s true in life and in finance. Figuring out which expenses to cut, how to prioritize saving, or even which retirement accounts are best for you can be hard. Fortunately, you don’t have to do it alone.
