8. Most people have no back-up plan if retirement arrives early

Things rarely go according to plan, and everyone has to expect the unexpected. Do you have a back-up plan in case you need to retire early? If so, you might be within the 26% that reported having one.

Some seniors rely on long-term care insurance, disability insurance, and other savings in case they lose their jobs unexpectedly. Other factors that could contribute to this crisis are health problems or becoming incapacitated after an accident.

There’s always a chance you may need to retire early, so research all avenues with the help of a financial adviser so that they may be able to point you in the right direction well ahead of time!

9. Possible Social Security cuts loom

Yes, your Social Security benefits will help during retirement, but a lot of seniors think they’re meant to fund a large part of their retirement. Not only will you receive far less money than you’re probably used to from your monthly wages, but the program is only fully funded until 2033.

That doesn’t mean people who will retire after 2033 won’t receive anything. It just means that the program will only be three-quarters financed, so there is a chance that people will receive a little less. With a bit of luck and hard work from officials in charge, the Medicare and Social Security programs will hopefully overcome these shortfalls in the near future.

That’s why you’ll always hear financial experts say you have to be fully prepared and save up as much money as possible ahead of time, by any means necessary.