Boomers Face a $115,000 Shortfall! Here’s How to Close the Gap

Step 1: Run the Numbers (Even if It’s Uncomfortable)

If you haven’t done a fresh calculation in the last year, now is the time.

• List your income sources: Social Security, pensions, annuities, part-time work, rental income.

• List your expenses: essential (housing, food, health care, transportation) and discretionary (travel, dining out, hobbies).

• Factor in inflation: costs creep up over time, so plan for at least 2–3% annual increases.

• Check your “burn rate”: how much you’re spending compared to how much you actually have saved.

This might feel overwhelming, but it’s like checking your car’s fuel gauge before a long trip — you’d rather know upfront than run out halfway.