I guess you are at least aware that that you need to take action now, rather than waiting even longer. Now you need to develop a plan and take action. Your retirement lifestyle is dependent primarily on two things…your required spending and your monthly income or cash flow.
Look at your current spending patterns and spend a little effort projecting those patterns into your retirement years. Then list what retirement income you will have.
Obviously, if the spending is far greater than the income, you have serious work to do. If that is the case, don’t wait until retirement to “fix” the shortfall, start today. Work on lowering your “fixed” monthly costs and save more to increase your retirement cash flow. If you are not comfortable doing this on your own, you may need the help of an accountant or a Certified Financial Planner in your area. But, do take action or you will likely follow your parent’s pattern.
Philip C. Benedict, CFP
Benedict Financial Advisors, Inc.
Atlanta, Georgia 30328