Some people have financial plans, but a lot of people don't. Those who have plans sometimes find that the plan has been blown up by job loss, illness, elderly parents who need support, or bad investments. Some people simply can't save. Whatever the situation, there remains hope for the financially lost to have at least a decent retirement.
Boost your benefits. Work as long as possible to build up your Social Security benefits and, if available, your pension benefits. This is especially important for those who can't save. Even if you aren't working, delay taking Social Security benefits as long as possible (until you're 70). Delaying Social Security increases benefits up to age 70. At that point, start taking benefits because delaying won't increase them any longer. For more, see https://uncleleorumbles.blogspot.com/2007/05/mysteries-of-social-security-retirement_02.html.
Stay together. Couples generally are better off than singles, because they can pool their resources. Even if their only resources are Social Security benefits, a couple are usually better off together than each would be individually. Of course, togetherness isn't always possible. When it is, there are financial, as well as other, benefits. For more, see https://uncleleorumbles.blogspot.com/2007/05/mysteries-of-social-security-retirement_03.html.
Get a job with a pension. Government, law enforcement, military and educational jobs usually offer a pension or other retirement plan. Although retirement benefits in many state and municipal jobs are being adjusted to meet fiscal realities, they will still be better than nothing. Not everyone is cut out for these types of jobs. If you find a private sector job with a pension, then try to stay there long enough to accrue meaningful benefits. For those who can't save, a pension is golden. You just have to work long enough for the pension to vest. If you need assistance figuring out if the amount of pension benefits your employer promises is correct, contact the American Academy of Actuaries at https://www.actuary.org/content/pension-assistance-list-pal. They'll give you up to four hours of free help. If you think your benefits are too low, contact a regional pension counseling project for free assistance. http://pensionrights.org/find-help.
Buy a house and pay off the mortgage. Buy a house, pay off the mortgage, and don't borrow against the house. This strategy will build equity in a piece of real estate that you can add to your Social Security benefits (and pension benefits, if any). In retirement, be cautious about borrowing against the house through a reverse mortgages because they can be very costly. If you need to raise cash, consider selling the house and living somewhere else. This can raise considerably more cash than a reverse mortgage, especially if the house is in a region with high housing prices. Then, you can sell the house and move to a region with lower housing costs, and end up better off than with a reverse mortgage. Also avoid home equity lines of credit. If you have no savings and Social Security isn't enough, how will you repay the HELOC?
Move to a lower cost region. This can be somewhere in the U.S. or another country. Latin America, Asia and some parts of Southern Europe offer significantly lower living costs in many locations. However, moving can involve a number of tradeoffs. Think carefully before deciding, especially about downsides like being without family and friends, having less access to advanced medical care, and how much you'll miss plain old American things like a soda served with a lot of ice (this doesn't happen much in the rest of the world). Try taking a vacation in the location first to see if it seems like a fit. Look into the legalities. Getting permission to stay in a foreign country long term can sometimes involve a labyrinth of legal procedures. Those who are adventurous and flexible can find living in a foreign country is tremendously rewarding. But it's not for everyone.
None of these strategies will finance a yacht. Remember that it's never too late to save, even if you're living on just Social Security. Cash is sublime when times are tough.
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