Are you falling behind on retirement savings? Learn how to catch up FAST!

People from all walks of life share a common regret – not starting to save early enough in life. This sentiment is particularly prevalent among retirees who find themselves wishing they had taken financial planning more seriously in their younger years. Ric Edelman, a retirement expert and founder of The Digital Assets Council of Financial Professionals, recently sat down with TheStreet to offer advice for those looking to play catch-up and secure their financial future.

So, what is the most common financial regret among retirees today? According to Edelman, it boils down to one simple truth – not starting to save sooner. The allure of hindsight often leads many to wish they had started saving in their 20s, a sentiment echoed by countless retirees. However, dwelling on past mistakes won’t change the present reality. For those who find themselves nearing retirement with inadequate savings, Edelman offers a straightforward yet challenging solution.

Here are Edelman’s four pieces of advice for those looking to bolster their retirement savings:
– Keep working longer.
– Save more money than you think you can afford.
– Consider reducing expenses, even if it means downsizing your home.
– Invest for higher returns to make the most of your savings.

In a world where inflation is a constant force, the impact of cost-of-living adjustments cannot be underestimated. Edelman emphasizes the need for one’s savings to outpace the rate of inflation, especially in times of economic uncertainty and rising prices. To combat the dual threats of inflation and taxation, individuals must carefully consider where to invest their money, choosing asset classes that offer the best chance of beating inflation in the long run.

In conclusion, the path to a financially secure retirement may not be easy, but it is achievable with dedication and strategic planning. By heeding the advice of experts like Ric Edelman and taking proactive steps to shore up one’s savings, individuals can work towards a more secure financial future. Remember, it’s never too late to start saving, but the time to act is now.