Overcoming Retirement Challenges Like many of life’s journeys, the road to retirement is seldom smooth. No matter how carefully you prepare, it’s likely that you will encounter obstacles that may derail your retirement savings plans. Here are four potential setbacks with suggestions on how to get back on track. Saving too little or too late If you are behind schedule, remember that any savings increase is better than none. You may need to adjust your lifestyle and spending in order to save more for retirement. Handling market volatility Though a declining market can be scary, markets tend to be cyclical, and the wisest approach may be to keep making regular savings contributions regardless of market conditions. Remember that all investments are subject to market fluctuation and the potential for loss. Experiencing a traumatic event A job loss, unexpected medical expense, death of a loved one, or divorce might make it difficult to save for retirement. Having an emergency savings account could put you in a stronger position. Try to avoid tapping your retirement savings before retiring, especially tax-deferred IRAs and 401(k)s. Balancing college and retirement A variety of college funding options are available, but there is no “scholarship” for retirement. The key is to balance your children’s needs with your own retirement goals and find an appropriate strategy.