What to Do If You’re Short- Step 6 to a Successful Retirement

At RetirementAdvisers.net, we’re offering you a complimentary brochure on the “10 Steps to a Successful Retirement.” In a short video series, I’ll read from each step in the strategy.

In this sixth video, we’ll talk about step six: figuring out what to do if you're short. You can also read the blog post version of Step Six below the video.

In an ideal world, your guaranteed income would exceed or at least match your required expenses. You could then tap into your nest egg for discretionary and unpredictable expenses. 

However, if your guaranteed income doesn’t exceed your required expenses, you do have options. You need to either find a way to reduce your required expenses or increase your guaranteed income. 

Many people reduce their expenses by downsizing their home. They get out from underneath their mortgage payment and cut down on household maintenance expenses. You could also look at going down to one car or trying to cut your utility and cable expenses. Consider refinancing or paying off high-interest debt.

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