This year, more Americans will turn 65 years old than ever before. More than four million people will turn 65 in 2025. It's a phenomenon known as Peak 65.
It also means a lot more people are getting ready to retire.
Financial advisors said that makes saving for retirement an even bigger conversation.
"There's an old line that says, if you don't know where you're going, you'll never get there," investment and wealth manager at ONTAP Credit Union David Sprague said.
Sprague said the first step to saving is deciding what your goals are, which look different for everyone.
"That should include not just the stuff that keeps you healthy and warm and fed, but all those also the things that make you excited about retirement, quality of life things," Sprague said.
If you're feeling behind on saving for retirement, Sprague said there's never a bad time to start.
Sprague recommended making a list of wants and needs, then total up the cost to have a better idea of how much you need to save.
"The further you are away from retirement, the more general that number is going to be. It will fine tune the closer you get to retirement," Sprague said.
For those who are already retired, Sprague said there are ways to make yourself feel more comfortable about the amount you have saved.
"Assign a specific job to specific chunks of money," Sprague suggested. "Whether it's healthcare or travel or long-term care, you have to have that built in. These numbers should not be a surprise to you."
He said it's also important to go over your retirement plan, and make sure you're on track with your wants, your needs and any money you're planning to leave for loved ones.
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