8 Moves To Make Immediately If You’re a Baby Boomer Without Retirement Savings

It’s easy to see baby boomers as being the last generation to truly have the best financial situation of any generation. After all, according to The Wall Street Journal , those over 55 control 70% of the household wealth in the U.S.

However, the sad reality is that there are people of every age, including boomers, who find themselves without financial security, especially in retirement . While most boomers can count on receiving some Social Security benefits, even the maximum benefits are not enough for the average person to live on completely.

Read More: 6 Expenses Retirees Never Regret Keeping in Their Budgets, According to Experts

Find Out: The Surprising Way You Can Get Guaranteed Retirement Income for Life

Financial experts weigh in on what boomers facing or starting retirement without savings should do immediately .

Sponsored: Protect Your Wealth With A Gold IRA. Take advantage of the timeless appeal of gold in a Gold IRA recommended by Sean Hannity.

Shift Your Attitude

Perhaps the first step when you’re facing financial stress, according to R.J. Weiss, CFP, CEO of The Ways to Wealth , is to shift your attitude.

He said it’s important not to dwell on past financial decisions. Instead, focus on taking practical steps to improve your current situation.

“Avoid self-blame and start with a positive outlook, knowing that incremental improvements can make a significant difference,” he said.

Learn More: What a Middle-Class Social Security Check Could Look Like in 2025

Take a Comprehensive Look

Then, Weiss suggested you take a very comprehensive look at your current finances, including understanding your total income — Social Security benefits, any part-time work, etc. — and all expenses.

“Honesty is very important here. Facing your financial reality, including any debt, is the first step toward improvement,” Weiss said.

Set Realistic Goals

Based on your financial evaluation, set realistic and attainable monthly savings goals based on what you can do this month, Weiss said.

This could mean cutting unnecessary expenses or finding small ways to increase your income.

“Focus on what you can achieve this month and build from there. Long term, some very difficult decisions need to be made, but I find it helpful first to simply just get a good idea of where you’re at, before jumping to conclusions,” he said.

Maximize Social Security

David Fritch, CPA, a financial advisor and estate planning attorney with Fritch Law , recommended maximizing your Social Security benefits by delaying them as long as possible. Whether that means waiting until full retirement age or even until age 70, the longer you wait, the higher your benefit.

Nischay Rawal, CPA, managing partner at NR CPAs , pointed out that the increase is 8% more each year you delay. “This can add up to 32% more in lifetime benefits if you wait until 70 to claim,” he said.

If you’re still working, continue for as long as possible, Rawal said. “Any income you earn and invest will supplement your Social Security. Even part-time work or freelancing can generate income to contribute to an IRA, pay off debt, or spend on essentials,” he said.

Consider Part-Time Work

If you have already retired and stopped working, Fritch suggested you consider part-time work if you’re able. “Any income you can generate will help, and part-time jobs are ideal for supplementing Social Security. Look for jobs that match your interests and skills,” Fritch said.

Be Aggressive in Cutting Expenses

Review your expenses and make cuts where possible, Fritch explained. “Look for ways to reduce or eliminate discretionary spending on things like dining out, entertainment and hobbies.”

Lower your monthly bills by downsizing or refinancing mortgage debt, Fritch said. If you own a home, for some, selling and downsizing to a smaller home can provide a nest egg to invest for retirement.

Generate Income From Your Assets

If you are house poor — that is you spend more on housing costs than you can afford — Rawal suggested looking into generating income from your home.

“If you own a home, renting out spare rooms or doing a reverse mortgage are options,” Rawal said.

Otherwise, he recommended that clients use look into annuities (though, to be clear, this is not something you can do at the last minute).

Consult a Financial Advisor

Lastly, if you can afford to, consult a financial advisor about ways to generate income from investments.

“Professional guidance can help determine what options match your needs and risk tolerance,” Fritch said.

This article originally appeared on GOBankingRates.com : 8 Moves To Make Immediately If You’re a Baby Boomer Without Retirement Savings