3. Private pensions are nearly extinct

Private pensions are, sadly, a thing of the past. Some might still remember how, a few decades ago, companies offered defined-benefit pensions so that retirees and their families could enjoy their golden years comfortably. Nowadays only a handful of careers still offer pensions, and even then there are exceptions to this rule. Think nursing, manufacturing, teaching, and military careers.

It’s virtually impossible to retire without saving money up first. You simply cannot live off your Social Security, as most experts say you should consider it a supplement to your own savings and not the other way around.

You have to start focusing on your 401(k) if your employee offers one, traditional IRAs and Roth IRAs as well as any other savings plan that fits your lifestyle and needs.

The trick is to also minimize taxes and expenses while working longer, if you are able, in order to fill your accounts with as much money as you can. If retirement is just around the corner then you need to start budgeting yesterday. If you still have time then consider investing regularly instead.