According to the Employee Benefit Research Institute's 2013 Retirement Confidence Survey, only 13 percent of workers are "very confident" that they have saved up enough to retire comfortably, despite 2013's record-breaking stock market activity. What's more is only 38 percent are "somewhat confident," the source notes, which means baby boomers by and large aren't doing enough to prepare for their hard-earned exit from the workforce.
"Though it can be tempting to put off retirement planning, taking steps now will make things easier in the long run," wealth management advisor Joe Wilson at TIAA-CRE tells FOXBusiness.
The source recently highlighted five steps baby boomers should take in 2014 to help make sure they shore up enough retirement investments to enjoy their golden years without having to worry about becoming cash strapped. Chief among them are asset preservation and common sense saving tactics, since no one can rely entirely on Social Security.
Although Social Security will only get you so far, it is wise to look into what possible benefits you could get that you may not have realized were available through the program. Some questions to ask yourself include:
- Are you eligible for spousal benefits?
- Do people in your family tend to live a long time?
- How many more years do you plan to work?
- Are you concerned about beneficiaries?
You also need to look into generating a retirement income of sorts that will keep replenishing your savings as you grow older. This is where smart investing comes in, and with the stock market prone to volatility – especially of late – it's in your best interest to seek assistance before putting all of your eggs in one basket.