Looking to downsize a home and move into a retirement living community? Years ago, it may have been possible to depend on a few wise investments and Social Security to pull one through the golden years, but nowadays things are a little more complicated. Many boomers don't have the savings they need to retire, and have to rethink their whole strategy.
"In the past, having a pension and Social Security was enough to retire on, but today, increasing living costs and people’s expectations of a grander lifestyle during retirement, has changed the way people need to save and plan for retirement," financial planner Jack Riashi told The Farmington Patch.
He suggests that those who are planning to retire first max out their 401(k) savings every year, to help ensure that they have the most money possible in the account.
It's also important to be realistic about retirement goals - a luxury villa may not be within reach, but with enough prudence and planning, a cozy senior living community could fit the bill.
Riashi claims that it's also vital to have multiple sources of income for retirement, in case something goes wrong and retirees need to lean on another account to make up the difference.