Senior Health

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

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  • A 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.
Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.
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How will I be able to meet my retirement income needs?