Retirement, it seems, is not tied to age anymore. It used to be that when a person turned sixty, he got a lump-sum settlement from his employer, possibly a gold watch, and a plaque of commendation. After that sentimental retirement party, he can look forward to having time on his hands, traveling, exploring new hobbies, and generally doing what he wants.
The stock market crash that happened a few years ago changed all that. Most of the people that were religiously putting in their salary into their retirement funds found themselves with half of their income at best, and almost nothing at worst.
They've been forced to come out of retirement and get back into the work force. It's doubly hard, since their age is already an impediment to getting a steady job and most are looking as consulting or entrepreneurship to survive.
What most have found is that even if they are already supposed to be retired, they should never give up. Although starting all over again is difficult, they are starting to find places to invest their income again, and building up their retirement funds on their own.
There are other things that the retirees can do to get their lives back on track. These are simple changes that can be adapted by anybody – and of any age level.
One strategy is to spend less. Specials abound, given this situation, so make use of them. There are sales every month. Just buy what you need on the sales and you will be able to spend less. The secret here is not to buy what you don't need. So, if your favorite sneakers have worn out but you still have three more in your closet, use the ones you have until they die before you shop the sales for a new one. However, if your winter coat is showing through in places and you don't have another one, look for this during the sales.
Time your purchases as well. While you won't be wearing the latest trends, you will definitely be spending less than fifty percent on the older ones. What you'll have to do is shop off-season. So, if you need that winter coat, note it down when the winter season ends and buy your coat come spring. Old stock, on sale, savings galore.
Be conservative with your savings as well. Stocks may earn you more but carry more risk. Bonds are a safer investment instrument. The main purpose here is to increase the retirement fund, not gamble on how much money you can make.