It's never a good idea to retire in a year when your portfolio is down. But baby boomers willing to save more, spend less, and work longer should still be able to retire. Yes, it will require some sacrifice and a heaping portion of the "B"-word—budgeting. Here are seven difficult, but not impossible ways to get your retirement plans back on track.
Spend less. Thrifty living is a necessity. Two-thirds of workers and 59 percent of current retirees say they have reduced their spending in the past two months because of fear over the economy, job stability, or rising prices, according to a Harris Interactive and Principal Financial Group online survey of 1,179 employees and 625 age 60-plus retirees. The top areas for cutbacks were media subscriptions, gym memberships, land-line phone services, lawn services, and television services.