Almost one-third of Americans lack confidence that they will have enough income to cover basic monthly expenses throughout retirement. As the economic landscape continues to shift, more individuals nearing retirement are finding themselves increasingly uncertain about their financial future.

Nicholas J. Colantuono, CFP® joins Better Money Boston with WCVB Channel 5 to discuss the implications of Americans’ current outlook on retirement.

The Impact of Inflation

The world we live in seems to get more and more expensive by the minute. As a result of inflation, the prices of essential goods and services – such as groceries, gasoline, and rent – are expected to steadily increase over time. To stay ahead of rising costs, it’s essential to have a comprehensive retirement income plan.

The average 65-year-old today can expect to live an additional 20 years, a stark contrast to the outlook of our grandparents. This means you’ll need sufficient income not only to last for the next few decades but also to keep pace with inflation.

Retirement Age Uncertainty

The age at which you can expect to retire may be more of a moving target than ever before. Many people we meet are grappling with whether they need to work for another two, three, or even five years to be able to retire comfortably.

How much you need to save before retirement is a question that varies for everyone, but there’s no reason you can’t find your number. By working with a financial professional to create a tailored financial strategy, you can pinpoint when you’ll be ready to retire and how much you’ll need to save to get there.

A Need for Guidance

Our perception of retirement can be a mixed bag, especially when facing the unknowns of a changing economic landscape. If you’re nearing or already in retirement, gaining a clear understanding of your financial situation is crucial. With the right guidance, you can feel confident that you’re on the right track to a secure future.