When your savings accounts are not on track with your savings goals, consider adjusting your retirement plan. According to the Social Security Administration, the average life expectancy in the early 1930s was 58 for men and 62 for women. Full retirement age was 65, but people didn’t live much past 50 then.

Today, a 62-year-old man has a 40% chance of living to 85, with nearly 1 in 5 making it to 90. Women have a 52% chance of reaching 85, with 31% living to 90 and almost 1 in 5 making it to 95. Baby boomers need to plan for a retirement that could last 15, 20, or even 25 to 30 years.

Experts recommend having at least 10 to 12 times your current income saved for retirement. Another method involves saving a percentage of your current income based on expected lower living costs in retirement. Plan based on projected expenses and aim for a retirement savings balance that is at least 25 times your annual expenses during retirement.

Before retirement, building a cash reserve can help reduce the risk of running out of money. Save two years’ worth of retirement income to avoid selling assets at a loss in case of economic turmoil. This acts as an emergency fund for your retirement fund, providing a cushion for unexpected expenses.

Ensure you have enough saved for retirement by planning based on your income, expected expenses, and potential risks. Each person’s retirement needs are unique, so it’s important to assess your financial situation and plan accordingly. Planning ahead can help you enjoy a comfortable retirement without financial stress.

Read more at Yahoo Finance: Here’s How Much Cash Boomers Need To Retire in the Next 5 Years