You’ve worked hard to reach retirement, and you deserve to enjoy it comfortably. But what if you discover you’re behind on your savings goal?

In this week’s Money Wisdom Question Series, Nicholas J. Colantuono, CFP® shares practical steps you can take to get back on track – from taking inventory and understanding your numbers to building a solid plan for the future.

Income: Know What’s Coming In

Retiring comfortably starts with understanding your income sources. Even without a paycheck, you may have money coming in from pensions, Social Security, dividends and interest from investments, brokerage accounts, or rental income. Taking inventory of these potential sources can help you get a better sense of your overall financial picture.

Expenses: Know What’s Going Out

Understanding your retirement expenses is just as important as knowing your income. This may include day-to-day living costs and any ongoing debt, such as mortgages or rent, car loans, student loans, or credit card debt. Having a strategy for managing or paying down that debt before retirement is key.

When building your income plan, the difference between what’s coming in and what’s going out will show you how much you’ll need to rely on your savings.

Have a Plan: It’s Never Too Late to Adjust

If you’re facing a savings shortfall, it’s never too late to start bridging the gap. A financial advisor can help you develop a plan to catch up, which may involve working a bit longer to boost your savings, delaying Social Security to increase future benefits, or adjusting your withdrawal strategy to improve tax efficiency.

Ultimately, planning for a comfortable retirement is about knowing where you stand, what resources are available to you, and what adjustments you can make to move forward with confidence.