Everyone hopes that their reward for decades of hard work will be decades more to enjoy the fruits of their labor.

But if you ask financial guru Suze Orman, the average American is nowhere near ready. Their savings won't last decades — they'll last about three years.

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The reality is that seniors 65 and older spend an average of $46,000 a year, the Bureau of Labor Statistics says.

A recent survey from investing firm Schroders showed that 59% of working Americans over the age of 45 expect to have less than $500K saved by the time they retire even though they believe it will take $1.1 million to retire comfortably. Just 24% of working Americans nearing retirement age (60-67 years old) say they have enough money saved.

If you want more than three good years, Orman's recent blog posts and her book The Ultimate Retirement Guide for 50+ offer key moves you can make today to set yourself up for a happy retirement — here are five of them.

1. Take a hard look at your finances

If you haven’t already, Orman says it’s time to buckle down and take a deep look through your budget.

“The biggest mistake you will ever make in your financial life are the mistakes you don’t even know that you are making,” she has said.

Compare what you’re spending to what you’re saving. Trim the fat where you can and cut back on any unnecessary spending so you can allocate more to your retirement savings column.

Do you own a home and are you planning to stay in it through retirement? Then Orman says you need to come up with a plan now to ensure you’ll have your mortgage fully paid off before you retire.

2. Downsize your home

You may have plenty of sentimental reasons to want to stay in your current home, but if it’s more space than you need and you can make money off of it, you may want to consider selling now.

Not waiting until you have to sell the house makes sense, Orman says, because if you invest the profits now, you’ll accrue much more interest than if you waited another 10 or 15 years.

“I don’t want you to wait till you’re 60 or 70 to sell this home,” she says. “I want you to downsize right now, so that you can start saving more money right now.”

3. Beef up your emergency fund

Financial experts typically recommend you have an emergency fund of at least three to six months’ worth of living expenses, but Orman recommends you make that two or three years.

Yes, three years’ worth of expenses in an emergency fund. Her reasoning is that if the market ever takes a downturn, you’re not going to want to be withdrawing from your retirement accounts until it bounces back.

With a substantial emergency fund, you’ll be able to get by until it’s once again safe to take out funds from your retirement account. If you need a little help setting up an account, you can turn to a fiduciary financial adviser.

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4. Invest in a Roth IRA

To avoid paying tax when make a withdrawal from your retirement account, Orman recommends you go for a Roth IRA account.

“Later on in life, you want to be able to take that money out tax-free,” she explains.

Because your contributions to a Roth account are made after tax, you won’t have to deal with deductions when you withdraw. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you end up paying later.

However, the IRS does set limits on how much you can contribute and who can contribute. In 2023, you’ll need to have an adjusted gross income under $153,000 or $228,000 for married or joint filers.

Most banks and brokerage firms offer these accounts. And if you’re not keen on making the big investment decisions yourself, you can always open an IRA through a robo adviser that will manage your retirement account for you.

5. Update your investment portfolio

Taking a “set it and forget it” approach to your investment portfolio rarely pays off.

First, ask yourself: What are your investing goals?

You have to regularly revisit your portfolio and make sure it’s still in line with your financial situation and timelines.

Check in with your financial adviser to ensure the balance you’ve got of cash, stocks and bonds is the right amount for your retirement plans.

Orman recommends either stocks or exchange-traded funds (ETFs) that pay dividends. So even if the market sees a downturn, your investments will still provide you some income.

“If you happen to hit a patch where the market starts to go down, you want these stocks to still provide income for you,” she says.

Moral of the story: better to be safe than sorry

When it comes down to it, the greatest threat to your comfort in retirement is not the stock market, how much you have saved or exorbitant spending — it’s not having a plan.

According to data from the Federal Reserve Board, only 40% of non-retirees feel confident about their retirement savings — a clear sign many Americans could use help navigating their finances and making sure their assets are protected.

One solution to help you sleep better: Find a financial advisor who can help you navigate your finances and make sure your assets are safeguarded.

If you're unsure how to safeguard your savings during a recession, it’s better to get answers sooner than later.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.