5. Income gap

Believe it or not, but for a lot of Americans, the income gap during retirement is probably the biggest challenge! To avoid this awful thing, you might want to start investing early and put aside around 20% of your income so you can live without any worry during the golden years. Nobody can guarantee it will be easy, but for sure, some extra money will help you get through.

If you’re halfway to retirement and you have too little savings, you can work a few more years if your health allows it, so you can fix this “money issue.” If a 9-to-5 job is not a viable option anymore, you can also make some lifestyle changes, such as downsizing or moving in with some family members who are living nearby.