How to Cope With Retirement Sticker Shock

These strategies will make a seven-figure retirement goal manageable

June 27, 2011 RSS Feed Print

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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.

Twitter: @aiming2retire

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Social Security? That system will collapse in the next 20 years. Do the previous steps, yes, but don't rely on a ponzi scam that is doomed to fail and that will run out by 2031. Also in place of social security, buy gold and silver as 10% or more of your retirement as an insurance policy against a crashing stock market. Don't bet your house on the stock market.

JD of NY 7:19PM June 28, 2011