There's a reason so many older Americans wind up working in some capacity: Money tends to get tight in retirement. And you might find that you need an income boost once your time in the workforce comes to an end.

Social Security is a major income source for a lot of seniors. But those benefits could be cut in a little over 10 years if lawmakers don't find ways to pump more money into the program.

Plus, your nest egg might not go as far as you expect it to. You could kick off retirement with $500,000 in an IRA or 401(k) plan, but if market conditions deteriorate, you could be down to $450,000 in savings within a year or two, forcing you to scale back on withdrawals.

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Source Fool.com