Retiring with less than $1 million? Here are 8 ways to make your savings last

You re nearing retirement, but you haven t saved $1 million. That doesn t mean you can never retire. Here are 8 financial do s and don ts for savers with a six-figure nest egg. 1. Do: Know your number Focus on the amount you ll need in retirement, rather than how much you ve accumulated. Realize that your wants may decline as you age. Consider Social Security as your inflation-protected lifetime income stream, as well as any other pension. Don t try to use interest and dividends for your cash flow needs. That would limit your return and eliminate inflation protection. Invest in a diversified mix of stocks and bonds, take some of your distributions out of capital gains, and leave a little extra for inflation. If you haven t saved enough to make up the difference between Social Security and your income needs, consider downsizing your home, taking out a reverse mortgage, or working part time. If you re still working full time, boost your retirement plan contributions. Consult with a quali