Boost Your Nest Egg in the Retirement Homestretch

With the calendar flipping to 2018, many preretirees are hoping that retirement is now one year closer. If you're heading into the homestretch toward your retirement date, it's time to critically assess your nest egg. And if you are already in retirement, find the time for an annual checkup on your financial health. Will you be able to fund a couple of decades out of the workforce? If you are worried your nest egg isn't up to the task, there are strategies you can use to bolster your retirement savings and ensure your money lasts as long as you do.

First, figure out where you stand. Gather the latest statements from all your retirement accounts, and get an estimate of what your Social Security benefit will be and any pension income you expect. The closer you are to retirement, the more exact these figures will be. If you are a good decade or so away from retirement, some of your income numbers will be projections. You'll need to update the numbers at least every few years before you actually retire.

Then devise a budget for living in retirement. Cover all the essentials, and consider how much discretionary spending you'd like to figure in. Then compare your assets and income to your expected liabilities