Are you nearing your retirement then you must have started planning for it and while deciding upon your retirement income needs you must have made some projections depending upon your lifestyle but your projections might not match the reality and you may start feeling that your retirement income might not be enough to meet your daily needs post retirement. This is referred to as projected income shortfall and in case you find yourself in such a situation then you will need to keep a number of factors in mind. You will need to take into account the time period remaining before your retirement takes place, for what time period your retirement income would last and the impact of your projected shortfall.
In order to avoid this situation try and remain in your company for a longer period of time and this would help in saving your retirement savings. Delaying your retirement will save your retirement savings for a better use.
In order to make your retirement an enjoyable experience try and get into a part time job or probably get into consultancy so that you can supplement your income. It would be better that you delay your retirement for a longer period of time so that you will be able to contribute a lot more to your IRA. Finally try and keep a tab on your spending habits if you would like to lead a comfortable life after retirement.
