3. Consider reallocating your 401k/403b to higher yielding investments. I realize that this may be counterintuitive to what you’re feeling given the recent market slide but perhaps you should invest more aggressively. Over time, stocks have historically outpaced bonds and inflation. Certainly, the greater the potential return on your money, the more risk you’ll be taking. However, if you have 10 years or more until your retirement date, you may well be rewarded for taking this additional risk. Certainly, past performance is no guarantee of future results and I’m not saying you should get more aggressive; but you should take a few minutes and review your asset allocation.

Most people have no idea what they’re invested in, what they can expect to earn, and how much risk they’re taking with their portfolio. This can all be quantified. What percentage do you hold in stocks versus bonds? If you’re not sure, talk with a professional or trusted advisor and gets his or her guidance. Recognize that every extra 1% you can earn on your money over time will go along way to helping you enjoy the retirement you envision sooner.

4. Consider retiring later. Don’t retire when what you really need is a break. All too often I see people in their fifties and sixties who retire or take an early incentive offer because they think they’re ready to stop working. After a few months or a few years they find themselves bored and restless and wanting to go back to work. Before you decide to fully retire, discuss a phased retirement or flexible work schedule with your employer.

Explore all of your options before retiring. Gaining an extra day or two a week of free time may be just what the doctor ordered. Realize that every year you earn an income is another year you defer money into your 401k/403b, lower your tax bill and allow your savings to grow tax deferred. The longer you work the less you would need to accumulate to afford your desired lifestyle. If you love what you do, why would you ever completely retire? If you don’t love what you’re doing, why are you still doing it? What’s holding you back (time, money, confidence, knowledge, connections)? Research indicates that there is a direct correlation between our happiness, our health, and our financial wellness. When was the last time you examined your situation?