When do people start worrying about their retirement? Often, people don’t start worrying about it until the reality of it is right around the corner. Sometimes it takes a scare at work: an early retirement buyout, pressure from the company, etc.

Obviously, needing to worry about your retirement is not ideal. It would be great if everyone was in a financial position to be able to retire without stressing over whether their money is going to run out. But often, regardless of how much money you have, you will still worry, many times because you have no idea how much you need. So when you receive that early retirement package to review, you have no idea what you should do. The only real way to avoid this is to stay on top of your retirement savings throughout your career. It’s unfortunate that more people do not do so.

What happens when you reach the conclusion that you can’t afford to retire. You’re in your 50s or 60s, and you know that you don’t have enough. It’s not an easy situation to be in. In a post at U.S. News – Money by Joe Udo, “How to Salvage Your Retirement,” Udo makes some recommendations on what to do if you find yourself in this situation:

  • Run the numbers now.” If you aren’t tracking your expenses, know your potential Social Security income, or don’t have a grasp on where your other retirement income may come from, run those numbers right now. You should gain a better understanding of where you really are financially.
  • Cut your expenses now.” – This will help in two ways. Cutting your expenses now will help you be able to save more now while you’re still working. Also, it will help once you reach retirement and are living on a reduced income.
  • Start saving more now.” – If you are still working, you need to utilize what time you have left to save for your fast approaching retirement. Cutting expenses should help you up your savings amount, so don’t delay any longer.
  • Make money doing something you like to do.” – Some people have no choice but to keep working as long as they are able. If you are in this situation, try to find something you enjoy doing. While not always an option, if you can make money doing something you like, getting up for work each day will not be such a chore.

Don’t wait until it’s too late to salvage your retirement. It’s much too important to neglect.


  • Disclaimer: The information on this blog is not meant for specific financial advice. The ideas/opinions stated are not suited for everyone, and readers should use their own judgment in applying them in their financial lives.