Weigh extreme action
One-third of workers age 55 or older have a nest egg of less than $25,000, according to a survey by the Employee Benefit Research Institute. If you’re behind the eight ball, downsizing—when done right—might make a big difference. You funnel a chunk of home-sale profit into savings, plus trim your monthly expenses. But make sure your total costs would drop significantly.
If you won’t be able to retire in your early or mid-sixties, make sure you’re in a job that will take you the distance. That might not be your current sales post, say, if it requires a lot of travel and late-night meals with clients. Make a move now, when you’re likely to be a more attractive candidate to employers than you will be in your sixties.
