Begin to explore other retirement income options

• Determine the amount of guaranteed retirement income you already have. Examples of these are cash savings, corporate pension plans, home equity, or annuity-type investments.
  
  
• Are you married? If so, how will that affect your retirement budget?
  
  
• Pay attention to how your retirement funds are earning money. Are they structured for maximum returns? It's crucial that you continually assess these funds.
  
  
• Decide when to begin Social Security benefits (www.ssa.gov). According to AARP, for each year you put off collecting your benefits between ages 62 and 70, you increase your payments by 8 percent.
  
  
• Calculate your potential monthly retirement budget based on your estimated income weighed against your expenses. At minimum, you need enough retirement income to cover basic living expenses for your lifetime.
  
  
• If your initial assessment requires additional income, consider part-time work during retirement, or perhaps selling your larger home for a more comfortable, carefree condo.