Retirement Savings: Know What You Have and What You May Need

Retirement can put a lot of pressure on the savings you have built. A useful first step is to compare the income you expect with the expenses you may need to cover. The difference can help you see whether there is a gap to plan for—and where to begin.

A smaller balance does not mean you did something wrong. Pay, time away from work, caregiving, health needs, and access to a workplace plan all affect how much a person can save. If you earn less, the same savings percentage adds up to fewer dollars. Time away from a job can also mean missed employer contributions and fewer years for your savings to grow.

Workplace plan access is one piece of the issue. In 2025, the U.S. Department of Labor reported that more than four in ten working women had no access to an employer-based retirement plan. That figure is specific to women; it does not describe every worker. And having access is not the same as participating. Some people do not have a plan available. Others can join one but have not started contributing. The right next step depends on which situation applies to you.

Caregiving can change the picture, too. The U.S. Government Accountability Office has found that some people caring for a parent or spouse cut back at work, leave a job, or use savings to cover care costs. That can interrupt income and retirement saving at the same time. If you live a long time, your savings may also need to cover more years.

Take a look at your own numbers. What do you have in retirement accounts? What income might come from Social Security, a pension, or workplace benefits? How much do your essential expenses add up to? Once you have a clearer picture, you can consider how much you may be able to save and whether an employer contribution is available. A financial advisor can help you sort through questions that come up.

Your advisor may discuss options designed to provide income or address concerns about principal, taxes, or inflation. These features work differently, and one product will not solve every savings gap. Tax deferral changes when taxes are paid; it does not eliminate them. Guarantees depend on the product’s terms and the financial strength of the company backing them. Before deciding, ask about costs, withdrawal limits, and other conditions.

You cannot change what you earned in the past or when you needed to step away from work. You can look at what you have now and decide what to ask next. Contact your financial advisor to talk through your income, expenses, and options.