Gen X is now 50 million people strong, and Gen Xers are experiencing something they’ve seen their parents go through: something we call the sandwich generation. They are often caring for both their own children and their aging parents, creating multiple financial obligations. Many Gen Xers are worried about retiring comfortably and working to get ahead in their savings is an ongoing, daily effort. The good news is there is still time to boost your retirement plan.

1. Dedicate Yourself to a Financial Budget

It’s painful for many but adhering to a monthly budget can help ensure you maintain a healthy ratio of saving and spending. Unfortunately, many individuals in Generation X still struggle with cash flow. In fact, for 51% of Gen Xers, cash management is a top financial concern.1

While creating a financial plan for retirement is essential, it’s only one planning component. Make sure you’re following a realistic budget to support responsible cash management and your long-term goals.

2. Reduce Your Debt

It’s no secret that large amounts of debt can be debilitating to your financial health. Unfortunately, Generation X has looming debts that are affecting its ability to retire. In fact, 38% of Gen Xers have more debt than savings.2 When you have this financial equation, you nearly guarantee you will have to keep working through your retirement years. It’s critical to commit to creating a debt-payment strategy that will help consolidate expenses and provide more money to invest in saving for retirement.

3. Project What Retirement Will Cost

Most people regularly calculate their expenses, but surprisingly, 58% of Gen Xers have never calculated how much money they will need for their retirement years.3 Not only do you need to calculate what your normal living expenses will be, you also need to address what health care might cost you. And many of these projections can be tricky to do without experienced professionals guiding you. This is paramount to developing a retirement-income plan that will work for you.