PHOTOS

: How much do you think you need to save for retirement? According to a <a href="http://about.scottrade.com/news/releases/2010/New-Research-Study-1-Million-Dollars-is-Not-Enough-For-The-Average-American-Family-To-Retire.html" target=_Blank>survey of registered investment advisors (RIAs) commissioned by Scottrade Services</a>, the average American believes they need around $1 million to retire comfortably. However, many advisors say that most couples could need two to three times this amount to make sure they don't outlive their money. (Use this calculator from <a href="http://cgi.money.cnn.com/tools/retirementneed/retirementneed_plain.html" target=_blank>cnnmoney.com</a> to estimate how much you need.) Regardless of whether you’ll truly need $300,000 or $3 million, The cold, hard truth is that many baby boomers and pre-retirees simply will not save enough money to retire comfortably. Thus, retirement in the traditional sense is simply out of the question. If you’re one of those people, what choices do you have? Here are some options to consider.—Lynnette Khalfani-Cox

: EMBRACE A NEW CAREER PATH Invest in yourself so that you can start an entirely <a href="http://www.blackenterprise.com/career/">new career</a> or finally pursue a long-held passion. If you’ve spent most of your life working at an unsatisfying job and always yearned to do something more, your retirement years may be a great time to start! Finding a <a href="http://www.blackenterprise.com/2011/06/06/the-purpose-driven-professional-4-steps-to-crafting-a-personal-mission-statement/">new purpose</a> and pursuing a passion could be just what you need to make the most of the years to come—and you could earn some serious money while doing so. Take classes, get the certificate or degree you need, and embark on a new career.

$EXPLORE MOVING OVERSEAS Let’s face it: the cost of living in the U.S. has climbed dramatically in recent decades. Everything from home prices and property taxes to insurance expenses and healthcare costs threaten to erode the finances of the typical American retiree. No wonder scores of money-savvy individuals in their 40s, 50s and 60s are waking up to the economic and lifestyle opportunities that beckon in far flung---and cheaper---destinations around the globe. For example, Mexico and Latin American countries such as Panama and Costa Rica routinely rank among the most affordable retirement destinations worldwide, according to International Living magazine. Retire to one of these places and your cost of living could be a tiny fraction of what you’d have to pay to live in the United States.$: EXPLORE MOVING OVERSEAS Let’s face it: the cost of living in the U.S. has climbed dramatically in recent decades. Everything from home prices and property taxes to insurance expenses and healthcare costs threaten to erode the finances of the typical American retiree. No wonder scores of money-savvy individuals in their 40s, 50s and 60s are waking up to the economic and lifestyle opportunities that beckon in far flung—and cheaper—destinations around the globe. For example, Mexico and Latin American countries such as Panama and Costa Rica routinely rank among the most affordable retirement destinations worldwide, according to <a href="http://internationalliving.com/" target=_blank>International Living</a> magazine. Retire to one of these places and your cost of living could be a tiny fraction of what you’d have to pay to live in the United States.

: REVIEW YOUR INVESTMENT ALTERNATIVES If you've stored money away mainly in conservative investments, such as government bonds, perhaps it’s time to re-think your investment strategy. A <a href="http://www.prudential.com/media/managed/aa/index.shtml" target=_Blank>survey from Prudential Financial</a> showed that African Americans are more likely to favor lower-yielding financial products like CDs or savings accounts—as opposed to higher-yielding investments such as stocks or mutual funds. While it's not necessary to completely overhaul your investing game plan, or to invest in a manner that would keep you from sleeping at night, it's well worth getting some professional advice to see if other investment options could make your money grow and last longer—without adding a tremendous amount of risk to your investment portfolio.

: APPLY FOR A PART-TIME JOB If you plan on working through your retirement years so that you can continue earning money, seek out part-time jobs that you are interested in or excited about. Consulting, retail or service-oriented jobs may be a great place to start. These jobs may or may not be in the same field as your former industry, but they will give you a chance to learn something new and make the best use of your talents. Continuing to work while you’re in your retirement years doesn’t have to be particularly stressful. In fact, depending on the job, your work could be a stress-buster and could also help bolster your health, by keeping you at least mildly physically active.

: SHARE YOUR EXPERTISE BY TEACHING You've accumulated a lifetime of real-world work experience and general life experiences. Why not share your expertise with the world by becoming a teacher? A part-time teaching job or instructor position could help you bring in a steady paycheck during your golden years or amid a period of semi-retirement. Teaching is also a great way to keep your mind stimulated and help you connect with others. By contributing to young people's development, you'll make a difference in the world beyond your own life. You may not get rich teaching part-time; but you will enjoy a richer life.