What should you do if you planned to work but it turns out you can't?

If you planned to work in retirement but you discover there are no jobs you can do, you need to make some swift changes to your lifestyle.

Start by assessing the amount of income actually available to you from Social Security, retirement savings, and any pension money you have. Make sure you're calculating income from savings based on a safe withdrawal rate. This should be no more than 4% of your account balance, while some experts suggest it should be even less.

Compare the income available to you with your budget to see if there's a shortfall. If it turns out you'll have too little income without a paycheck and you can't find work, you need to make some budget cuts quickly. This could mean downsizing to a smaller home, which could help you to boost your savings account balance if you cash out home equity. You might also need to give up a car or move to an area that has a lower cost of living.

The key is to make sure you don't draw down your retirement account balance in an effort to maintain a lifestyle you really can't afford without the paycheck you planned on having.

While you may want to work as a senior, chances are very good you won't be able to. To make sure you aren't left with too little money when it turns out holding a job isn't possible, always set your retirement planning goals without the expectation of a paycheck. If it turns out working is doable, you can use the extra income to enjoy your life a little bit more.

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55% of Americans Are Making This Retirement Planning Mistake - The Motley Fool