What is your greatest financial fear? For some people, it is outliving their retirement savings. Besides the inherent volatility of economic markets and concerns about the viability of Social Security in the future, you may not have been able to save enough to secure a comfortable retirement. As things stand now, you may be afraid you will face a retirement “gap.”
But all is not lost. First piece of advice: Don’t panic. Even if retirement is imminent, you may be able to make up lost ground quickly or take other steps to protect yourself. Next, here are several practical ideas to consider.