15 Signs You Aren't on Track for Retirement

Preparing mentally and financially for retirement can be a lifelong project, and unfortunately it's one many people don't prioritize.

If you don't make retirement plans and stick to them, you could end up not being able to leave the workforce when you want or facing financial struggles in your later years.

To avoid this fate, watch for these 15 signs that you aren't on track for retirement so you can change course ASAP.

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Setting a goal for retirement is one of the first and most important steps to take to get and stay on track toward a secure future. If you don't have one, then you may be at risk of not achieving what you need to retire comfortably.

You need a savings target to decide how much to invest, as well as to monitor your progress to ensure you're on schedule to have enough invested.

There are a few simple ways to set a goal, but one of the easiest is to simply assume you'll need 10 times your final salary saved by the time you're ready to retire.

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If you aren't sure of how much you currently have invested for the future, chances are good that you're behind schedule with your retirement savings.

The sooner you start investing, the more likely it is you'll be able to amass enough money to support you in your later years.

Investing regularly and keeping tabs on your accounts' growth ensures that you're ready when the day comes to leave the workforce for good.

Estimating your desired amount of retirement income should guide you in setting goals for the future. But if you have no idea the amount of money you'll actually need as a senior, planning becomes difficult or even impossible.

One good rule of thumb is that you should anticipate replacing 80% of pre-retirement income at a minimum. But as you get closer to retirement, you may want to be more specific in setting a future budget.

Social Security is a crucial income source for most retirees. But you don't want to overestimate or underestimate what benefits can do for you. There's a very real risk that will happen to you if you aren't aware of the truth about future retirement checks.

The reality is, retirement benefits are designed to replace about 40% of pre-retirement income. But the exact amount you'll receive depends on factors such as your age when you start your checks and your career average wages.

If you sign into mySocialSecurity and check your future benefits at different ages, you can find out what income these benefits will offer -- and how much extra your savings must produce to cover your costs.

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Retirees typically have a few key income sources including Social Security, pensions, and savings.

The place where you live, the amount of income you bring in, and the type of retirement accounts you'll have will determine how much you're taxed on the federal and state level as a senior.

You'll want to get an idea of the tax rules that will apply to you in your later years so you can have a realistic estimate of how much money you'll need to cover them.

You may also want to consider moving based on whether your state has favorable tax rules, or using specific types of retirement accounts such as Roth IRAs that allow for tax-free withdrawals.

If you don't know these crucial tax rules, you can't make the best decisions about saving for your future so it's less likely you'll stay on track for a secure retirement.

ALSO READ: Why You Should Max Out Roth IRA Contributions Before Your 401(k)

More than a third of Americans are underestimating the amount of money they need saved for healthcare during retirement. If you haven't researched this issue, you're likely one of them -- and that could be a problem when you reach your later years.

Medical care can cost tens of thousands of dollars a year after factoring in prescription drug expenses and other out-of-pocket costs you must pay.

It's crucial you consider healthcare expenditures when setting retirement savings goals in order to avoid falling short.

If you're missing out on tax breaks for retirement savings, you're almost assuredly behind on where you should be in investing for your future.

Uncle Sam provides either up-front tax savings in the year you make contributions to certain retirement plans or deferred tax savings if you contribute to accounts that allow tax-free withdrawals as a senior.

It's hard to amass a large enough nest egg for retirement, and there's no reason to pass up on tax-advantaged accounts that can make the process easier.

The best way to build retirement wealth is to do it slowly and steadily over time. That's because starting to invest early is crucial to saving enough while putting away a reasonable amount of money each month.

If you haven't started making monthly contributions to your retirement accounts yet, you'll have to work harder to catch up. Start investing now before you miss even more chances for your wealth to start growing.

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Missing out on employer matching contributions is a sure sign you aren't saving enough to retire. That's because employer contributions are free money.

Many employers that offer a workplace 401(k) will match a part of your contributions, such as 50% or 100% of the amount you invest up to a certain percentage of your salary.

You want to take every opportunity possible to get this cash deposited into your account, so start contributing enough to your 401(k) now to earn your full match if you haven't already done so.

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Retirement accounts can sometimes come with hefty fees, especially if your 401(k) carries high administrative costs and has a limited pool of expensive investments.

Fees diminish your real returns, leaving you with less. If you aren't sure what you're paying to invest for your future, you're at risk of falling short because the amount is too much.

Check your account today and research all the fees you're charged. If your account administration or investment costs are high, consider making a change.

You may want to invest only enough in your 401(k) to earn the maximum match under these circumstances and put the rest of your retirement savings into an IRA.

ALSO READ: The Average American Is Paying Too Much in 401(k) Fees. Are You?

When investing, there's an inverse relationship between risk and reward. Higher-risk investments could provide the potential for greater returns, while lower-risk investments limit losses but also limit how much you can make.

Think carefully about how much risk you're comfortable being exposed to given your age, retirement timeline, and investing personality. You need to decide on an appropriate level of risk to take on and choose investments accordingly.

Otherwise, you risk not ending up with enough money because your investments are too conservative and your return on investment is low, or because you lose too much due to an overly aggressive strategy.

Not only do you need to know your preferred level of risk but you also should confirm that your portfolio actually matches your risk tolerance.

To check that, you'll want to look carefully at your asset allocation. That refers to the mix of different assets your money is invested in. You should have a good blend of equities and safer investments, and should make sure your portfolio is diversified.

Not checking your asset allocation means risking low returns or losses it's difficult to recover from.

Over time, your risk tolerance will change as you grow closer to retirement. Your asset allocation can also change without your input, as some investments perform better than others and your money becomes concentrated in them.

Rebalancing your portfolio and readjusting your investments to get to your desired asset allocation should be done at least once a year. If you haven't rebalanced, your portfolio could be invested in a way that puts you at risk.

If you aren't sure when you'll retire, it's impossible to make a plan for the future because you won't know your deadline is to meet your savings target or how long your nest egg will have to support you.

Choosing a target retirement date is one of the first steps to take as it can guide the other decisions you make.

Remember to be realistic, though, as assuming you'll work late into your 70s could set you up for problems if health or employment issues make that impossible.

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Finally, if you are married, preparing for retirement should be a team project with your spouse.

You'll need to make certain you're both on the same page about where to retire, how much to save, and when your desired retirement date is. Otherwise, you could inadvertently sabotage each other's efforts to prepare for the future.

ALSO READ: If I Were Behind on Retirement Savings, This Would Be My Game Plan

The good news is, if you aren't on track for retirement right now, you can still course correct and set yourself on a better path toward financial security in your later years.

Even late in life, you still have options such as delaying your Social Security benefits claim, working a little longer, and taking advantage of catch-up contributions.

You just need to be smart about figuring out what steps you should be taking to build the secure future that you deserve as a senior.

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