If you are getting close to retirement age and finding that you aren’t quite as prepared as you thought you’d be, here are three retirement funding strategies that can help get you back on track:

1. Set financial goals with your advisor. Talk to your advisor to determine what capital amount you need to reach over a determined time period. A structure like this helps you focus on your strategy, and the level of risk you are able to tolerate toward meeting your wealth accumulation goals.

2. Utilize contribution amounts. If your employer offers a retirement plan, contribute as much as you can to take advantage of matching contributions. In the case of Individual Retirement Accounts (IRAs) the money you earn now is on a tax-deferred basis, and taxes won’t be deducted until IRA distributions are taken. Every dollar that an employer matches you is money in the bank, and can help your retirement account grow significantly over time.

Use Social Security as a supplement to your savings. The good old days of relying on a pension or Social Security as a main source of income have passed. Social Security income can be a welcome addition to other means of income, but developing another means for revenue can help you overcome any shortfall that Social Security will not be able to cover. According to the Social Security Administration’s website, by 2033, the payroll taxes collected will be enough to pay only about 77 cents for each dollar of scheduled benefits.

No matter how far you are into the retirement process, a sound financial strategy can help you pursue realistic goals. Visit Mooney Lyons at or call us at 1.847.382.2600 to learn more about realistic expectations and strategies for sound financial planning.