How to Solve Your Financial Messes

“I’m 52 and I’ve barely saved anything for retirement.”

Start here: First, adjust your retirement vision to fit your circumstances. Since you got a late start on saving, “you probably can’t have everything you want, but you can have something,” says Mary Clements Evans, founder of Evans Wealth Strategies in Emmaus, Pennsylvania. Identify your biggest priorities — maybe one is being able to visit the grandkids once a year — and be willing to compromise on things that are less important to you.

What comes next: Once you have your new vision, work on funding it. Use these prime working years to accumulate as much as you can and take advantage of catch-up rules that let you contribute more to retirement plans now that you’re in your 50s. Also, look for places to trim your budget so you can save more. Some employers offer free retirement planning advice as a benefit, which could help you improve upon your plan.

As you age, there will be other steps you can take. If you wait until you turn 70 to collect Social Security, for example, you’ll receive a larger check than if you start collecting at 67, when you reach full retirement age — and a much larger check than if you claim as early as 62. Finally, reframe the idea of working longer. You may come up with a business idea or find a part-time job that will bring you satisfaction for years to come.

“I’m still paying my student loans, with no end in sight.”

Start here: The stark reality is that student loan borrowers between the ages of 50 and 61 owe, on average, $46,790 per borrower. However much you owe, the first thing to do is find out if your loans will be affected by the One Big Beautiful Bill Act passed last summer, says Kyra Taylor, staff attorney at the National Consumer Law Center. For example, as a result of the legislation, Parent PLUS borrowers — people who took out federal loans for their children’s education — must consolidate their loans before July 1, 2026, and enroll in an income-driven repayment plan before July 1, 2028, if they want loan payment amounts contingent on what they can afford to pay. Visit studentaid.gov to find out about other changes.

What comes next: Once you know if any deadlines apply to you, make sure your loan servicer has your right contact information so you can be updated on additional changes, Taylor says. Also, assess your health: If you have a medical or mental health condition that prevents you from working, you could be eligible for total and permanent disability discharges. If you’re confused about your repayment options, you may be able to get advice from local legal aid organizations or financial counseling centers. “At the end of the day,” says Taylor, “the biggest goal is not to default.”

“I’m afraid that Social Security will be going away in a few years.”

Start here: Don’t let panic about Social Security rush you into claiming before you need to. “Social Security isn’t disappearing,” says Jenn Jones, AARP vice president of financial security and livable communities. Claiming benefits before full retirement age, however, can permanently reduce your monthly payments by up to 30 percent. That’s a bigger cut, she points out, than the 19 percent reduction in benefits that recipients face if Congress doesn’t shore up the Social Security trust fund by 2034. Visit aarp.org/WeEarnedIt, if you haven’t already, to join AARP in its fight to have Congress protect Social Security.

What comes next: Start considering what it means to you to live comfortably in retirement. If you’re not yet retired, go to ssa.gov/myaccount to get an estimate of your benefits. Review your savings and get a clearer picture of your expected costs in the coming years — both regularly recurring expenses and those that might pop up only occasionally.

Congress will need to take action on Social Security. In the meantime, you can control your finances, says Sana Haque, senior financial adviser at Gianola Financial Planning in Worthington, Ohio. Focus on spending less. Consider talking to a financial planner to learn what other options you might have to soften potential blows from a smaller Social Security safety net. “It’s not going to be zero dollars in 2035,” Haque says.

“I worry that my money won’t last as long as I will.”

Start here: Estimate your life expectancy. “A big reason retirees worry is they don’t know how long they have to make their money last. None of us have expiration dates,” says Eric Ludwig, director of the Center for Retirement Income at the American College of Financial Services. (For an estimate of your chances of living to different ages, he recommends the American Academy of Actuaries’ free calculator.) If your parents and grandparents lived long lives and you are in good health, chances are you could live until age 90 or 95.

Next, add up your essential monthly expenses such as housing, utilities, groceries, insurance premiums and any debt payments. Include irregular and less-essential expenses like replacing a vehicle. Then add up your reliable income, such as Social Security and any pension or annuity income. “To the extent you can match regular and variable expenses spending with guaranteed income, that is great,” Ludwig says.

What comes next: If expenses exceed guaranteed income, consider how much money you can sustainably pull from retirement savings. One rule of thumb: If you have a well-diversified portfolio split between stocks and bonds, you can safely withdraw 4 percent of it in one year, then increase that amount in subsequent years to keep up with inflation. But that number is only a starting point; factors such as your age and your tolerance for risk might change it.

“Very few people actually run out of money in retirement,” Ludwig says. “What’s more common is needing to adjust your spending along the way. The question isn’t just ‘Will I run out?’ but ‘How flexible can my spending be, and when might I need to make changes?’ ”