Posted in Triplett & Carothers on April 1, 2026

A recent study conducted by the Transamerica Center for Retirement Studies found that only 13% of retirees have saved $1 million, not counting home equity. It may surprise you to learn that only 37% of retirees have $50,000 in savings. The study found that the No. 1 regret cited by 76% of those interviewed was not having saved enough money for retirement.

How could this have been avoided? Simply put, people need to start saving as early in their careers as possible and to do so consistently. If you fall into the category of those who have not saved enough for retirement in your opinion, there are some fixes. You can cut your expenses, take a second job or increase the amount you put into your retirement fund. What many retirees may not know yet is that a fulfilling retirement costs money. In fact, a Fidelity study found that nearly 70% of pre-retirees have not created a retirement budget for the lifestyle they want.

Steps to take now

Here are some other practical suggestions to improve your financial picture as you approach your hard-earned retirement:

• Plan a realistic financial budget considering your fixed expenses and the costs associated with enjoying your retirement. Consider whether you enjoy eating in restaurants, going to the movies or the theater, or traveling to distant destinations, or if you plan to renovate your home. While health care may not be a concern at this time, you will need to think about how you will handle medical expenses. Plan for the unexpected is a good piece of advice.
• Know that it is never too late to start saving. You may want to delay retirement for a few years to earn additional paychecks to be put toward savings. While it is best to start saving in your 20s, you can catch up and reach your financial goals. It just may take a little longer.
• Another regret retirees have is not retiring sooner. What this group of people have done is to trade in time to enjoy their retirement by continuing to work, only to regret it later. You can never get back this time. You want to retire while you are still healthy enough to enjoy it.
• In addition to Social Security benefits, you will want to have a steady stream of other income through investments and savings to pay the bills. Having an income to replace part of your paycheck offers you peace of mind that there is still money coming in to fuel your retirement.
• Pay off any debt you have before you retire so that it does not become a drain on your financial security. If you have a mortgage, consider paying it down by making larger payments each month. If you have credit card debt, pay this off and also think carefully about any future purchases you may make.

Financial freedom in retirement allows you to live the life you want. Make sure you are preparing for your eventual retirement by doing everything possible to secure your financial situation right now.

Reach out to Roz Carothers and her team at Triplett & Carothers to learn more.

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