A 2023 study by YouGov.com reveals that “two in five U.S. adults (43%) lack confidence towards their retirement provisions. This sentiment is especially pronounced among Gen X, where nearly half (48%) express doubt about their financial future. Unsurprisingly, the Silent Generation, the vast majority of whom are already in their retirement years, show the greatest confidence, but it’s still only half feeling secure about their retirement finances (48%).”

Determining if you are on track for retirement can be daunting, but ensuring you have enough money to live comfortably in your golden years is essential.

The average life expectancy for a 65-year-old is around 84 years for males and 87 for females, according to the Social Security Administration. Living into your mid- 80s or later could mean you are retired for more years than you have worked! Consider using the life expectancy calculator on SSA.gov for more details.

If you are questioning whether you are on track for retirement, here are a few steps you can take to evaluate your retirement savings:

1. Determine your retirement goals: Think about the lifestyle you want in retirement and how much money you will need to achieve it. If you are already retired, think about your goals from today forward.
2. Calculate your retirement savings: Look closely at your retirement accounts, including your Pension Boards retirement account, I.R.A.s, and personal savings. Add up the total amount you have saved.
3. Estimate your retirement income: Consider any sources of retirement income you will have, such as your Pension Boards monthly pension, Social Security, or rental income.
4. Use a retirement calculator: Many online tools, such as Fidelity NetBenefits®, can help you estimate how much money you will need in retirement and whether you are on track to meet your goals. You can also work with a financial planner to help calculate if you are on track.
5. Review your progress: Check-in periodically, and as your situation changes, see if you are still tracking towards a successful retirement.

Take action by discussing your retirement goal with a Fidelity Retirement Planner via PBUCC Members Services at 1.800.642.6543 from 8:30 a.m. to 9:00 p.m. ET. Create your retirement projection on Fidelity NetBenefits® > Plan and Learn > Manage Your Overall Finances > Retirement Analysis.

By following these steps, you can gain a better understanding of your retirement readiness and take steps to ensure a secure financial future.

Travis Marks, CFP®, CFA®, is the Director of Generations University for the Pension Boards, responsible for the education initiatives for Pension Boards members, employers, and internal staff. Prior to joining the Pension Boards, Travis worked as Senior Manager of the National Financial Education Practice (FEP) for PricewaterhouseCoopers. He has more than 16 years of financial planning, education, and management experience, and has a passion for helping people improve their finances.