They didn’t picture retirement going like this. But now they realize that their dream was only a dream. Reality has sunk in.

Many Baby Boomers are struggling in retirement. Admittedly, it hurts me to see someone who has worked hard all their adult years, only to be financially stressed in the last quarter of their life.

So for those Boomers who are financially strained in their retirement years, how did they get there?

Based on conversations with over twenty-five Boomers, here are six reasons why they are having a terrible retirement:

1. They thought they could save later. Life went by too fast. They used to tell themselves that they had time, that they could start saving later. And by the time they realized that retirement was approaching, it was too late to save any meaningful amount.

2. They took on consumer debt most of their lives. They either didn’t educate themselves on the dangers of consumer debt, or they didn’t care. Either way, they lived beyond their means and are experiencing the consequences.

3. They didn’t calculate their retirement needs. They never really understood how much they would actually need in their retirement years. So they saved too little and the small nest egg they did build is rapidly shrinking.

4. They didn’t plan for unexpected expenses. They did not give themselves a cushion. And an unexpected expense has wiped out a chunk of their money.

5. They had unreasonable expectations of Social Security. They thought that Social Security would help them more than it does. They didn’t understand their living expenses in relation to the amount the government provides.

6. They thought their employer would always take care of them. They grew up in an era where they saw their parents work for a single company their entire adult lives. And for their work, their parents were rewarded with a pension. Some Boomers approached their retirement with an antiquated mentality—my company will take care of me (even if the company never said they would). But as they talked to their company about retiring, they realized that their parents’ reality was not going to be their reality. They had to fend for themselves.

So what can we learn from these Boomers?

Plan. Save. Don’t burden yourself with debt.

Your goal should be to set aside 15% of your salary into a retirement account. If your employer offers a match, take full advantage of it. After that, consider setting up a Roth IRA.

A financially sound retirement starts with a financially sound present-day.

The Summit offers a variety of stewardship classes to help equip you to become a faithful steward.

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Written by Art Rainer, member of the Summit Stewardship and Generosity Ministry Leadership Team.