Make Some Hard Decisions
Help your grown children succeed on their own: Don’t sacrifice your retirement for their current needs. It won’t be a gift to them if you need their help in retirement.
Estimate your resources for retirement: Get serious about gathering information about retirement savings from your different jobs, and estimate what they’ll be worth at retirement. Be conservative.
Check your investment risk, and make any adjustments you or your professional advisor think are necessary.
Use a 403(b) and “catch-up” limits to achieve rapid growth of your savings.
Research long-term care insurance and decide if this needs to be part of your plan.
Think about what you would enjoy doing part time in retirement to supplement your savings.
Delay Social Security benefits: The longer you wait to draw Social Security, the larger the monthly benefit.
Consider downsizing your home: Look beyond just the size of your living space and consider moving to a lower cost-of-living area.
If you don’t have a pension, consider annuitizing a portion of your savings: This will provide a monthly benefit that can guard against a downturn in market-invested savings.