Afraid to run out of money? The trick is that it’s never too late to set financial goals and start saving for both your current needs and future or current retirement needs.

If you're concerned about running out of money, setting financial goals and starting to save can help provide financial security for both your current needs and your current or future retirement. Here's a step-by-step guide to help you:

1. Assess your current financial situation: Begin by taking stock of your current income, expenses, and debts. Calculate your monthly income and track your spending to understand where your money is going. This will give you a clear picture of your financial standing and help you identify areas where you can make adjustments.

2. Create a budget: A budget is a crucial tool for managing your finances. Start by listing all your income sources and categorize your expenses into essential (such as housing, food, utilities) and discretionary (such as entertainment, dining out). Analyze your spending patterns and identify areas where you can reduce unnecessary expenses.

3. Set specific financial goals: Determine your short-term and long-term financial objectives. Short-term goals may include building an emergency fund to cover unexpected expenses, paying off high-interest debts, or saving for a major purchase. Long-term goals typically revolve around retirement planning, such as saving for retirement or creating a retirement income plan.

4. Make your goals SMART: Make sure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of saying "I want to save for retirement," make it specific by saying "I want to save $500 per month towards retirement starting with my next paycheck and increase it by 5% annually in July."

5. Prioritize your goals: Rank your financial goals based on their importance and urgency. While saving for retirement is important, it's also crucial to address immediate needs like building an emergency fund or paying off high-interest debts.

6. Start an emergency fund: An emergency fund acts as a safety net for unexpected expenses. Aim to save three to six months' worth of living expenses in a separate savings account. Start small if necessary, but be consistent in adding to your emergency fund until you reach your target.

7. Automate your savings: Set up automatic transfers from your checking account to your savings or retirement accounts. By automating your savings, you ensure a portion of your income is regularly set aside for your goals, reducing the temptation to spend it.

8. Explore retirement savings options: Look into retirement savings accounts such as employer-sponsored plans like 401(k)s or individual retirement accounts (IRAs). Contribute the maximum amount possible, especially if your employer offers matching contributions. Take advantage of tax advantages these accounts offer, such as tax-deferred growth or tax-free withdrawals.

9. Reduce unnecessary expenses and increase income: Look for ways to cut back on discretionary spending. Consider negotiating lower bills, shopping for better insurance rates, or finding ways to increase your income through side jobs or freelancing.

10. Seek professional advice: If you're unsure about the best strategies for saving or retirement planning, consult with a financial advisor. They can provide personalized advice and help you develop a plan tailored to your specific circumstances.

11. Review and adjust your goals regularly: Regularly evaluate your progress towards your goals and make adjustments as needed. Life circumstances and financial priorities can change, so it's important to revisit your goals periodically and make any necessary revisions.

Remember, saving for both current needs and future retirement is a gradual process. Be patient, stay disciplined, and celebrate small milestones along the way.