1. Learn More About Investing
Many people older than 55 lack knowledge about stocks, bonds, diversification, and fees on financial products, says Olivia S. Mitchell, executive director of the Pension Research Council at the Wharton School of the University of Pennsylvania. "If you're not financially literate, you don't make plans for retirement, and then you don't have enough money," she says.
Once you understand the basics, ramp up your savings and investments. Rick Plum, director of wealth management for Raymond J. Lucia Companies, a national investment advisory firm based in San Diego, recalled a quote often credited to Groucho Marx, who reportedly liked to own treasury bonds and CDs. As the story goes, someone once told Marx, 'You can't earn enough on that,' and he replied, 'You can if you have enough of them.'