Question

Senior Health

What should I do if I am about to retire and do not have much savings?

A Answers (1)

  • AAARP answered

    If you're rapidly approaching retirement age, or find yourself forced to retire early due to job loss or health problems, here are some last-minute strategies to close the gap:

    Downsize: If you can get by with a smaller residence, downsizing (or renting) can free up needed funds and reduce your living expenses.

    Relocate: Moving to a lower-cost locale in the United States or overseas after retirement can also cut your cost of living.Put off retirement: You can increase your savings, perhaps dramatically, by continuing to work, if you're able to do so.

    Delay Social Security: Delaying Social Security benefits can result in a higher benefit check for the rest of your life.
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How will I be able to meet my retirement income needs?