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Retirement savings: What to do if you're running out of time

by , 31 October 2014

You know what they say: the sooner you start saving for retirement, the better off you will be in your golden years.

What happens when you feel like you are running out of time when it comes to saving for retirement?

When time is not on your side, you have to take immediate action.
You may need to rethink your entire retirement planning. For instance, if you had planned on retiring at age 65, you may want to work for additional years, until you can manage to save enough money for retirement.
For many soon-to-be retirees, continuing to work is not an option, but a necessity. Many people choose to work past the normal retirement age because they can’t afford not to.
Other possibilities include downsizing your home, moving to a less expensive town or neighborhood, or getting a part-time job.
You need to consider all your options and determine the best course of action depending on your retirement needs and on how much you have managed to save up to that point.
Getting a part-time job can make a big difference, as it allows you to direct all the extra income towards retirement.
However, what happens when you run out of options? How can you make your savings last longer?
If that happens, it would be wise to reduce your spending and stick to a budget. Focus on covering the necessities, such as housing costs, food, and health expenses, and leave the entertainment and extra spending aside until your savings are back on track.
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Retirement savings: What to do if you're running out of time
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