Here are three strategies for Baby Boomers who are falling behind on their retirement goals

According to new research, only 51% of soon-to-be retirees are on track for the later lifestyle they desire, and younger cohorts are even less likely to be prepared for retirement

According to recent research, just half of the Baby Boomers in the United Kingdomthose born between 1946 and the early 1960sare prepared financially for retirement.

It is anticipated that the remaining individuals will not have enough pension funds to maintain their current way of life in retirement or to reach a moderate level of living.

Given the demographic's imminence to retirement, it is alarming that half of the UK Baby Boomers aren't on track to reach their retirement objectives, according to Georgina Yarwood, senior investment strategy analyst at Vanguard Europe.

Contrasting defined contribution and defined benefit pensions.

The report by investment manager Vanguard also reveals the importance of defined benefit pension plans versus defined contribution pensions for Boomers' retirement readiness.

The likelihood that people will meet their retirement savings targets is doubled for those who have access to defined benefit (DB) pension plans.

Sixty-nine percent of DB pension recipients who will soon be retiring are on track to retire. This is in contrast to just 28% who do not, who are more likely to be dependent on state pensions and defined contribution (DC) pensions which are invested in the stock market.

According to data from the Office for National Statistics, 65 percent of people in their 60s have pension wealth in DB schemes, while 25 percent have wealth in DC schemes, which were much less common before auto-enrollment started in 2012.

Importantly, according to the Vanguard report, DB income will account for roughly half of the projected retirement income for those who anticipate receiving it.

Baby Boomers with middle-class incomes are most at risk.

Relative and absolute spending goals are the two primary categories used in the pension industry.

The pre-retirement income of an individual is linked to their relative spending goal. Reaching a particular retirement living standard, expressed in pounds, is the foundation of an absolute spending goal.

According to the Vanguard report, the relative spending goal is target replacement rates by gross earnings bands, which indicates what proportion of your pre-retirement income you should aim for in order to support yourself in retirement.

The Pensions and Lifetime Savings Associations' (PLSA) Retirement Income Standards serve as the gold standard.

In a separate article, we examine the PLSA standards for the amount required to have a comfortable retirement.

"Regardless of the spending measure, the majority of high-income Baby Boomers have enough savings for a comfortable retirement," the Vanguard report states.

The most vulnerable are middle-class baby boomers, the majority of whom are unlikely to reach their spending targets under either measure.

Because they depend on the state pension, the majority of low-income workers are able to reach their relative spending target, but many do not even reach the minimum absolute retirement living standard.

Retirement planning can seem complicated and overwhelming, according to Yarwood. Nonetheless, individuals who are in, near, or about to enter retirement can take certain actions that will improve their financial status.

Ways to increase your retirement funds.

If you're concerned about not having enough money for your pension, there are ways to increase it.

1. . Put retirement off or adopt a phased strategy.

People who are able to do so can increase their financial security and prepare for retirement by postponing retirement or adopting a phased approach by working part-time for a few years.

2. Make use of your home equity.

Property is the main source of wealth for the majority of people, aside from pension wealth. One possible remedy for retirees who have a spending deficit is to access their home equity. Relocating to a less expensive area, downsizing, or releasing equity are some ways to accomplish this.

By gaining access to the money held in real estate, the retirement spending gap can be greatly reduced or even eliminated. This approach has grown more pertinent for retirees in recent decades due to rising property values.

3. . Reset your spending targets.

The spending target in mind has a big impact on retirement readiness. There is proof that many people's retirement expenses fall short of their expectations.

Reducing the annual spending target by 10 percent would greatly increase preparedness for retirement. However, each person's particular needs and situation must be carefully considered.