Want a better retirement? 3 areas to focus on now

SIDE GIGS: Making the switch from employee to retiree can be challenging, both financially and mentally. Increasingly, older Americans are turning to side gigs to keep a little money coming in and their interests peaked. Fifty-seven percent of employees plan to work either full- or part-time into retirement age, according to the Transamerica Center for Retirement Studies. A survey from Bankrate found that 21% of baby boomers aged 58-76 work a side gig, making around $500 per month. 

For these retirees, new interests in music, teaching and reporting are making their post-work lives more fulfilling, and fun. "In retirement, I've discovered a delightful harmony between my writing and my love for golf," says Colleen Gilbert.

Read more about her path, and the other side gigs these retirees are experimenting with: From rock star to golf reporter, the side gigs bringing retirees back to work

SAVE UP: Retirees are feeling the pinch — and panic — around their prospects for a financially secure retirement. According to a new survey from real estate data platform Clever Real Estate , 66% of current retirees believe the U.S. is in a retirement crisis, as 19% of those surveyed have already blown through their retirement savings, and 40% are concerned their savings won't last their lifetime. And retirees are pointing the finger at their former employers for not helping them enough.

"Companies are usually trying to minimize costs, but cutting corners on retirement benefits is going to cause problems," says Matt Brannon , who authored the study. "Keep things simple for employees. Don't force them to make a lot of decisions when setting up their retirement benefits, because you risk them being overwhelmed by options and putting off those decisions indefinitely." 

Don't let your savings fall through the cracks: 66% believe a retirement crisis is looming

KNOW YOUR OPTIONS: With the start of the new year comes another wave of changes to the retirement landscape. As 2024 gets underway, provisions within SECURE 2.0, legislation passed in 2022, will continue to roll out to support retirement preparedness for millions of American workers. SECURE 2.0 is meant to fill many of these gaps, but keeping track of what provisions will be implemented and when can be a headache for HR leaders and plan sponsors. Staying on top of the calendar can give employees a head start on their retirement savings this year. 

"I'd encourage employers to lean on their partners for best practices around implementing the new provisions," says Michael Conrath , chief retirement strategist at JPMorganChase Asset Management. "For employers who might have been reticent in the past about offering a workplace retirement plan due to costs, SECURE 2.0 helps to remedy that issue."  

Read about what will change in 2024, and how to stay in the loop: 4 ways SECURE 2.0 will impact retirement in 2024