We all have to retire sometime. Some people retire based on their own timing. While others are forced out due to a variety of reasons. The bottom line, whatever the reasons are, get over it. Focus on the future and what you are going to do. A nightmare retirement is one that you do not have enough money to live comfortably in the manner you had planned. It is also a surprise! If you already know you do not have enough money you should have already been taking action. But those of us that retired and find out that we will not have enough money, need to wake up. Forget the past and focus on the future!

Take stock of your Nightmare Retirement Situation

Regardless of what time of your life you realize that you are facing a nightmare retirement scenario, now is the time to get control of your situation. List all of your assets, list your income and your expenses. Assess each to determine what income can be increased through increased savings or even going back to work. Asses what expenses you can reduce or eliminate and take action immediately to reduce your cash flow out. This is important and must be taken immediately otherwise your lifestyle will suffer more than you would like.

Build a Plan and Implement the Plan

Once you have assessed the situation, develop your plan and take action. If it means selling the house, downsizing, getting rid of a second car, etc, do it. Get a job if you can. Focus on reducing expenses. All of these steps are needed to ensure that you have cash for food, housing and clothing for you and your family. The earlier that you can take stock of your situation and do something about it, the better off you will be. Older boomers may even have to move in with family in order to pool resources and share expenses. Sometimes drastic action is required and although it is not what you thought your retirement would be or planned, it may be necessary.