Is retirement right around the corner? Be sure your financial path matches your goals with these few steps.

Take care of a retirement gap

Figure out if you have less money than you need to retire. Add up your potential retirement income sources including your 401(k), Social Security, IRAs, pension, and other savings and investments, and those of your spouse, if applicable.

Next, make a reasonable estimate of the amount you need in retirement. Subtract the amount you need from the amount you are projected to have. The difference is your “retirement gap.”

How to close the retirement income gap

Ramp up your savings:

• Reduce spending on extras
• Transfer high-interest credit card balances to a more competitive card, such as Civic’s Classic Credit Card.
• Max out contributions to your retirement funds.

Reconsider full retirement:

Maybe retirement can wait! Take a look at your Social Security benefits to see if delaying your benefits is a good strategy for you.

If you don’t want to wait to fully retire, adjust your retirement expectations by employing a semi-retirement strategy. You may have been dreaming of a retirement that involves a hammock on a tropical island. But a more realistic view may involve continuing to work part time. This can give you a little more time to pursue new hobbies or extended time with family while still earning the income you need to bridge the gap.

Reconsider your investment strategy

Rather than moving all your money to more conservative options as you age, look for a mix of investments that can grow your retirement funds in a shorter timeframe. Setting up a Choice Certificate with staggering maturity dates may provide rolling funds to help you bridge the retirement gap.

Try implementing several small steps to help you cover a retirement savings shortfall.