What To Do If Retirement Savings Is Not Yet Enough

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Let’s start with the stats. The reality is that when many people plug their investment account balance into the common retirement income calculators, the results are discouraging and, frankly, depressing.

According to Fidelity Investments, the average 401(k) account balance for 50-somethings is a meager $160,000.

According to the Social Security Administration, for 62% of retirees, Social Security is 50 percent or more of their income; for 34 percent of retirees, Social Security accounts for 90 percent or more.

The reality is even harsher for women: savings balances are lower, and there are more years of retirement to fund as women live longer than men on average.

What do you do if you are on the cusp of retirement — less than 10 years — and you simply do not have enough in savings?

What is Enough?

First, redefine the word “enough.”

Will you fall short because you’ll lack the income in retirement to maintain your current lifestyle…