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Esther Pak is an assistant site editor of Morningstar.com. Holly Cook is editor of Morningstar.co.uk.

Question: I've been using some online retirement tools and most indicate that my portfolio might not last throughout my retirement years. What now?

Answer: It's small comfort, but you're far from alone. According to the US 2010 Employee Benefit Research Institute Retirement Security Projection Model, 47.2 per cent of early baby boomers (born between 1948 and 1954) were likely to have insufficient retirement income to pay for basic retirement expenditures as well as uninsured healthcare costs. The percentage risk for late baby boomers (born between 1955 and 1964) and generation Xers (born between 1965 and 1974) are 43.7 per cent and 44.5 per cent, respectively, according to the EBRI research.

Prospects look grave given the backdrop of economic uncertainty and the rise in both life expectancy and medical costs. But for those who aim to retire with peace of mind, there are a few key levers you can pull to ensure that your nest egg lasts throughout your retirement years. Here are the key ones:

Work longer

Pre-retirees may not want to hear that they may need to work longer, but that has become the increasing reality for those facing shortfalls in their retirement savings. According to T.Rowe Price's studies on optimising retirement income, working at least beyond age 62 (early retirement age in the US, versus normal retirement age of around 66 at present, rising to 67) is the single best decision pre-retirees can make to improve retirement security. Continuing to work full-time could boost pre-retirees' expected inflation-adjusted annual income by about 7 per cent for each additional year of work and contributions. Working an additional three years - from age 62 to 65 - and continuing to save 15 per cent of one's salary during that time could increase annual income from investments by 22 per cent, as well as by 39 per cent after working an additional five years.

Working longer allows you to contribute to your savings for a few more years while staving off the need to dip into existing savings. Under that logic, a part-time job doing something that you love would deliver similar benefits.

Reduce spending during accumulation years

One of the best ways to make up for an anticipated shortfall in retirement is to stash more away prior to retirement. And the best (and only) way to save more is to spend less. Andrew Tobias, author of The Only Investment Guide You'll Ever Need, devotes a chapter to tips on spending less. He offers practical advice, such as buying items in bulk or buying store-brand versus name-brand merchandise. He also provides warnings against common pitfalls: Don't fall for financing offers on cars because you'll end up paying more than you should - take the cash-back offer instead. Skip insurance that you don't need, such as credit life insurance (except for the elderly or terminally ill) and appliance insurance.