A combination of high inflation and a low level of savings are prompting many people to question their ability to retire well.

(If investors act in four key areas, experts say it could help improve their lifestyles.)

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As we get older, retirement insecurity is a very common fear among people approaching their golden years. This is a feeling that can creep up slowly or hit you suddenly without warning. During these times, it’s important to understand that you have the power to take control of your life and work towards a financially secure future. One way to do this is by focusing on four key areas that can help you increase your retirement confidence.

The first area to focus on is your savings. Although this may seem obvious, many people fail to save adequately for their retirement. It’s important to start saving as early as possible and to make sure that you are contributing the maximum to your retirement accounts. For example, if you have a 401(k) plan at work, make sure you are contributing enough to receive the full employer match if they offer one. If you’re self-employed, consider setting up a Solo 401(k) or a SEP IRA.

The second area to focus on is your expenses. It’s important to take a hard look at your current expenses and think about what you can cut back on in order to save more money. For example, could you switch to a less expensive cable package or eat out at restaurants less frequently? Every little bit counts when it comes to saving for retirement.

The third area to focus on is your investments. Make sure that your investment portfolio is diversified and that you have a mix of stocks, bonds, and other investments. It’s also a good idea to review your portfolio on a regular basis and make adjustments as needed. As you get closer to retirement, you may want to shift more of your investments into less risky assets to protect your nest egg.

The fourth and final area to focus on is your retirement plan. Do you know how much you’ll need to save in order to live comfortably in retirement? Have you calculated your expected Social Security benefits? It’s important to have a clear idea of what you’ll need in retirement so that you can work towards that goal. You may also want to consider working with a financial advisor who can help you create a retirement plan and provide guidance along the way.

In conclusion, when your retirement confidence drops, it’s important to focus on these four key areas: savings, expenses, investments, and your retirement plan. By taking control of your finances and working towards a financially secure future, you can increase your retirement confidence and enjoy your golden years worry-free. Tune in to InvestTalk and learn more about how to secure your financial future.