I Don’t Have Enough Retirement Savings, Now What?

You’ve asked yourself: “How much do I need to save for retirement?” You’ve filled out the assessments on this site. You’ve done the math. And you now know where you stand. You might not have enough money to retire.
What now?
First of all, don’t panic. You’ve got options. There are ways to create a guaranteed stream of income from the savings you have.
Strategies you might want to consider include:

  • Evaluating your current budget to see where you can make small cuts. Setting aside even a small amount of money each week will make a difference in the long run.
  • Turning a hobby or passion into an extra source of income by teaching, consulting, selling your wares, or taking a part-time job. You don’t want to work forever—but working a little more right now can help you reach your retirement goals.
  • Talking to a licensed insurance and/or financial professional about your options.

Your Retirement Reality Tip

Finding out you don’t have enough retirement savings can be a lot like finding out you don’t have enough rope for the climb. If you discover it before you leave base camp, you can look for ways to procure more. But if you wait till you’re on the mountain and into retirement, you may have a lot fewer options.


You might lock in a steady stream of income by purchasing an annuity.
Annuities have pros and cons, just like any financial product, but they can be a great option for folks who find that they just don’t have as much retirement savings as they’d like. Instead of worrying about the ups and downs of the stock market, or wondering how much money to withdraw each month, an annuity can pay you a guaranteed income for a set amount of time—typically, for the rest of your life, depending on which type you choose.
When you don’t have as much money as you may need, you’ll want to seek out sound ways to potentially grow your money for your future. To learn more about strategies for maximizing money for retirement income, contact the Your Retirement Reality team.


Annuities are insurance products backed by the claims-paying ability of the issuing company; they are not FDIC insured; are not obligations or deposits of, and are not guaranteed or underwritten by any bank, savings and loan or credit union or its affiliates; are unrelated to and not a condition of the provision or term of any banking service or activity. Annuities may be subject to fees and or surrender charges, which vary by product.