How to Prepare for Retirement When There's Little Time Left

What if retirement is just around the corner and you haven't saved enough? Here are some tips. Some are painful, but they'll help you toward your goal.

• It's never too late to start. It's only too late if you don't start at all.

• Sock it away. Pump everything you can into your tax-sheltered retirement plans and personal savings. Try to put away at least 20 percent of your income.

• Reduce expenses. Funnel the savings into your nest egg.

• Take a second job or work extra hours.

• Aim for higher returns. Don't invest in anything you are uncomfortable with, but see if you can’t squeeze out better returns.

• Retire later. You may not need to work full time beyond your planned retirement age. Part time may be enough.

• Refine your goal. You may have to live a less expensive lifestyle in retirement.

• Delay taking Social Security. Benefits will be higher when you start taking them.

• Make use of your home. Rent out a room or move to a less expensive home and save the profits.

• Sell assets that are not producing much income or growth, such as undeveloped land or a vacation home, and invest in income-producing assets.

(Source: "Savings Fitness: A Guide to Your Money and Your Financial Future," U.S. Department of Labor, Employee Benefits Security Administration)