Delay Your Retirement
Some boomers will find there is only so much catching up they can do. The better option for these folks might be to work a few more years. “There certainly isn’t anything set in stone that they have to retire at 62, 65 or 70,” Dunne said.
Delaying retirement offers two benefits. For starters, it gives you more time to build a nest egg. It also reduces the period of time you’ll need to rely on retirement savings. “It delays the day where you’re actually pulling money out of the portfolio,” Sicchitano said. “Every year you delay it, your portfolio grows.”
Delaying retirement might not seem ideal. But it’s better than not having enough money to get through retirement and being forced back into the job market at an age when it might be tough to get hired.