Probably the most apparent way would be to rethink your regular of living in retirement. Swapping the around-the-world sailing trip to get a Caribbean cruise might assist you to reduce your retirement target to a much more attainable objective.
You are able to also delay your planned retirement date from, say, 62 to 68 or so. Operating previous the conventional retirement age will allow you to postpone withdrawals out of your retirement accounts. Your savings may have much more time for you to develop, and you will decrease the amount of years you will have to draw on them. Operating longer might also allow you to delay taking Social Safety till you attain a minimum of complete retirement age (66 if you are 50 these days), potentially growing the size of one's month-to-month advantage by 30% or much more.
The fantastic factor about on-line retirement savings calculators is the fact that you are able to play using the numbers to determine precisely just how much much more or much less you will have to save according to whenever you strategy to quit operating, or just how much you will invest in retirement, or any quantity of other elements.
Working part-time can help too. But the problem is that you don't know if you'll have the interest or energy to work at an advanced age – or if you'll have health problems that prevent it. You also may have a tough time finding an employer who wants to hire you in your later years for the amount of money you want to earn. So pinning your entire retirement strategy to working in your 70s or beyond isn't such a great idea.