What Can You Do If Your Retirement Plan Gets Off Track?

Financial Decoder

What do you do if you haven't put enough money into your retirement account over the course of your working life, and you know you don't have enough money or time to fund the retirement you want?

You might be tempted to act like a losing football team and throw caution to the wind with a Hail Mary pass. But your financial life is more consequential than a football game, and what you don't want to do is to make a bad situation even worse.

If your retirement plan has gotten off track, there are still some actions you can take to try to get it back on track. In this episode, Mark Riepe speaks with Cindy Scott. Cindy is a CERTIFIED FINANCIAL PLANNER™ professional with Schwab in Westlake, Texas, and has helped hundreds of people in setting retirement goals and creating plans to pursue those goals and achieve them. She was a guest on the show back on Season 8, Episode 3: "How Can You Set Better Goals?"

A few of the issues Mark and Cindy discuss include:

• How to get an accurate assessment of how much money you'll need in retirement;
• Four levers you can use to try to get back on track;
• The role of Social Security in retirement;
• Tax efficiency, cash reserves, and many other topics.

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