5. Explore second-career options. Many baby boomers are worried about having enough money to finance their retirement years. A quarter of workers in their 50s will want to stay on the job at least two years past the traditional retirement age for financial reasons, according to a survey of 400 employers by Boston College's Center for Retirement Research.
But that doesn't mean employers want older workers—who are often more experienced but also more expensive than their younger counterparts—to stay. The center found that employers are lukewarm about retaining even half of their older workers who want to keep working.
To explore future career options with companies that welcome older workers, you can check out this list of job websites specifically for the 50-plus set.
Or consider heading back to college with these financial resources or starting your own business.
6. Discuss retirement with your spouse. When two people marry, they join their finances, too. Usually, both parties are better off financially, but it creates the need to talk about money and jointly decide how to budget for retirement. "It's very important to sit down and have an expectation exchange and to have a very frank discussion about money issues," says Nancy Schlossberg, a professor at the University of Maryland and author of Retire Smart, Retire Happy.
Nearly half of working adults say they are in agreement with their spouse or partner about saving for retirement, according to a Harris Interactive and Wall Street Journal survey, but almost one quarter of employed adults have never discussed retirement finances with their significant others. Creating a retirement game plan can get complicated when multiple marriages and children are involved. And women, because they tend to live longer, need to take extra precautions.
7. Plan for the financial transition. Learning to live on a limited fixed income for more years than planned is the most significant financial problem retirees will face, according to Dallas Salisbury, president and CEO of the Employee Benefit Research Institute. His advice: Sit down for a one-on-one financial planning session with a truly independent adviser. Here you can develop a plan to transition your savings out of your retirement accounts in the most economical way.
For more ways to save, try living frugally and finding ways to make your lifestyle fit your retirement budget.
8. Write a will . If you die without a will, the state decides how your assets will be passed down, which may or may not agree with your wishes. Anyone who owns a home, has assets, or has minor children should write a will. But 57 percent of Americans don't have one, according to a recent Bankrate survey.
