The first step is to perform a retirement analysis. What's their lifestyle now? What's it likely going to look like in retirement? How are they invested now? What's the likely cash flow in retirement?

A dozen options for clients to consider

Lets assume the picture looks grim, or at least not hopeful. There are still options they can consider.

1. Could they work longer? Let's assume they might retire at 65 and spend 30 years in retirement. Could they work beyond age 65? Their Social Security benefit should increase for a few years. Their assets have more time to grow. They have more time to save.

Although it's an unpleasant thought, if they were planning on 30 years in retirement starting at age 65, working until age 70 means 25 years in retirement. More years to save means presumably less years spending.

2. Could they live on less retirement income? This means scaling back their anticipated lifestyle. Fewer vacations and meals out. Golf at the public course instead of their country club. Keeping their car longer instead of trading it in every couple of years.

3. Could they save more before retiring? This means cutting back on their lifestyle now in hopes of a more comfortable, on-schedule retirement. This means maximizing what they can put into tax-deferred retirement savings. If they have a side business such as consulting or running their eBay store, they could consider treating it as a business and set up separate retirement savings.

4. Change investments. If your client only keeps their retirement savings in money funds, the return is minimal. Maybe they have significant assets, but they aren't earning much. Moving more money into stocks means assuming a higher level of risk. They need to make that decision. Rearranging their investments might result in the potential for higher returns over time.

5. Downsizing. Their home is likely their biggest asset. They might be holding onto it because they would like to pass it to their children. News flash–their children have their own homes. They don't necessarily want another property. Selling the family home might give them the cash infusion they need to fund their retirement.

6. Relocating. Their friends have been moving to Florida, Georgia or North Carolina. Why? Because the cost of living is cheaper than in New York, New Jersey or Connecticut. They might live up north now, because that's where their job is located. They could retire and move to a state with lower taxes.

7. Have a part-time job in retirement. They will likely get bored quickly. Maybe they do some consulting in their industry or work 10 or 20 hours a week in another field. It's been said retirement in the future might be funded by the trio of Social Security/pension income, investment income and a third stream of earnings.

8. Sell the vacation home. Many people own more than one property. How many homes do you need in retirement? You might sell it or convert it into a rental property, handled by a management company. This can yield another stream of income.

9. Inheritance. Your client in their 50's might have parents in their 80's. They might be in line for an inheritance in the future. This is something you can't "take to the bank" because you want your parents to live a long, comfortable life. You also don't know what health expenses they will encounter. If they are very wealthy, they might start sending annual cash gifts your way to reduce the size of their estate.

10. Consolidating assets held elsewhere. Your client might have assets that aren't top of mind. There might be cash value in life insurance policies. They might have orphaned IRAs. Maybe they've been buying stock at work through an employee stock purchase plan. Bring these into the retirement planning picture.

11. Collectibles. Your client owns "stuff." Antiques Roadshow has shown us "stuff" can be valuable. It's often not the "stuff" we think has value. They might have a wine cellar. Inherited watches or jewelry from relatives. They might have a few modern paintings they never really liked, bought by some deceased relative in the 1960's and stored in the attic. Ask them to build a list. They will need a professional appraisal. This isn't "taking it to a jeweler and asking "What will you give me for it?"

12. Senior living. They might investigate moving into an "over 55" community development. Sometimes you buy in, other times you rent. You leave behind mowing grass and if renting, paying property taxes. If you need different living circumstances in the future, they likely have options. If you want to travel, you can lock the door and go.

Retirement shouldn't be scary. Your client has options. Part of your job is getting them to see the bigger picture.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.

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