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The unfortunate answer I often hear and see is no. Our generation just hasn’t done a great job of saving for life after work.

All is not lost. If you haven’t saved enough for retirement here are some things that you might want to think about:

Don’t stop working at your main job.

If you think you haven’t saved enough for retirement, I have some bad news for you……You’re going to have to keep working.

I hope that you haven’t retired from what you consider your life-long career. I hope that you plan to stay there for a while longer.

The sad truth is the job that you’ve been working at for years is likely the job that will pay you the most money. The longer you’re able to work at this job, the less money you will actually need for retirement.

If you’re still alive at 65 years old, there is an excellent chance you’ll still be alive at 85. If you can work till you’re 75, that means you’ve provided half of your retirement income through work. Does that make sense?

Delay taking social security.

Since you’re still going to be working full time, don’t take Social Security yet. Wait till you actually have to stop working and if you can make it to 70 years old, you’re dramatically reducing what you’re going to have to get from savings.

The goal with your social security payments shouldn’t be to get the absolute maximum from the Government. The goal should be to get the highest monthly payout when you start to draw Social Security.

Think of your Social Security payments as a pension. Doesn’t it make sense to try to get the largest payment when you start to draw? If the answer is yes, then you’re going to have to wait.

Move to a less expensive part of the country.

This would be a very difficult thing for me to do. At the same time if I’m worried about having enough for retirement, reducing my living expenses would be a good place to start.

If you live in the Northeast or California, you live in an expensive part of the country. It might make sense for you to move to somewhere that’s less expensive.

If you’re thinking of moving, see if you can find a place where you have friends who have already moved. I know that I wouldn’t want to start meeting people from scratch. It’ll be easier if you can find friends who have already moved.

Think about part time work.

What if you’ve already quit your job and you find out you don’t have quite enough for retirement. Looking for part-time work might provide enough income for you.

One of the cool things about finding a part time job is you could decide to take a job doing something you’ve always wanted to do.

Don’t take any job that comes along. Spend some time really thinking about what you find that’s interesting. Then look for a job where you can pursue on a part-time basis.

Even though it’s work it might not feel like work.

Most importantly, do a financial plan.

Until you’ve done a financial plan, you might have no idea whether you have enough. This is the place you really need to start.

Your financial plan at this stage of life probably isn’t going to be based on much you should save. It’s likely going to be around how are you going to afford to retire with what you’ve already saved.

Some of the questions you’ll want to answer are:

  • Have I saved enough money to stop working?
  • If I need to cut back, where should I cut back?
  • Can I afford to continue living where I’m living now?
  • What are my options if I can’t afford to stop working?

A good plan will answer all of these questions and more.

So, what are you waiting for? Find a planner and get some of these questions answered. (Hint, we think we do a really job at financial planning.)

Let me know what your thinking about retirement. Just click here and let’s start a conversation.

Basics of Retirement Planning


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