Consider delaying retirement. If you calculate an unmanageably large sum needed for retirement at age 65, think about pushing your retirement age back a year or two. Working longer gives you more time to save and reduces the number of years your savings must last. If completely delaying retirement is undesirable, consider taking on part-time work in retirement. "If you can make enough part-time to reduce the amount you need to take out of your retirement account, then you are going to extend the life of your portfolio," says Mayabb. A combination of Social Security payments and a part-time job that pays $10,000 to $20,000 a year will allow you to get by on a much smaller nest egg.