If you are nearing retirement age but have little to no retirement savings, you are not alone. As many as forty-two percent of Americans retire with ten thousand dollars or less in their savings, which isn’t much considering experts recommend putting away at least ten times your preretirement income to live comfortably during retirement. This means if you were earning $60,000 a year before you retired, you’d need a minimum of $600,000 to maintain your pre-retirement lifestyle.

That’s the bad news. The good news is that there are several options you can consider to help you have the money you’ll need for this next stage in your life.

Increase your savings

Downsize
Downsizing is a tried-and-true method for funding retirement. Although this tactic can be difficult emotionally, selling your home and buying a less expensive one will allow you to pocket the difference so you can use it to help finance your living expenses. You could even get a home that better suits your needs, whether it has a single-level floor plan that is easier to navigate, or is located closer to family and friends.

Add to your retirement accounts
It might seem counterintuitive to contribute to a retirement account when you are about to retire, but doing so can be a windfall. That’s because retirement accounts may let you take advantage of valuable tax savings while you add to your investments. Keep in mind that if you are contributing to an IRA, you can continue doing so until the age of seventy. Talk with your financial advisor to get a full idea as to how to best manage your retirement accounts.

Live on your home’s equity
If you have equity in your home, you could just stay where you are and take advantage of a reverse mortgage, which uses your home’s equity as collateral for a new loan that could help provide you with extra cash. Typically for homeowners age sixty-two and older, this type of mortgage is similar to other mortgages, except that you won’t make monthly payments to pay off the loan. Instead, the lender will take their payment from the outstanding equity after your death or when you sell your home. This type of loan can have its drawbacks; you could lose your home if you don’t meet the loan’s requirements, such as by not keeping up with your property taxes, failing to maintain your home, and not making it your primary residence. Also, your heirs may have to pay the loan balance if they wish to keep your home after you die.

Reduce your retirement expenses

Live luxe for less
Perhaps the simplest way to ensure your retirement funds last longer is to tamp down your lifestyle. This doesn’t mean you have to live a no-frills life devoid of fun and luxuries. Instead, you could replace pricey amusements with less expensive ones. For example, if you used to jet to Europe every summer, try exploring adorable nearby towns instead. Or if you were a shopping maven before retirement, learn to shop thrift stores and garage sale for quality goods.

Relocate
To help keep your expenses down after you retire, consider moving from a state with a high cost of living to one with a significantly lower one. For instance, the estimated yearly cost of living is almost $54,000 in Colorado but only just over $46,000 in Missouri. If you make a smart move, you could end up paying less for things like your rent, food, taxes, and healthcare.

Consider insurance
As you age, you’ll face a greater likelihood of needing expensive medical care. To prepare for that possibility and to avoid paying astronomical costs for such care, register for Medicare once you are eligible after age sixty-five. If you aren’t eligible for Medicare but need health insurance, investigate the plans on the Health Insurance Marketplace, managed by the federal government. Keep in mind that some states have their own marketplace insurance websites. Even if you are eligible for Medicare, you might want to look into whether getting a supplemental healthcare insurance plan makes sense for you. Speak with your insurance representative so you are aware of all your insurance needs and options.

Stay employed

Finally, if your retirement savings are low, you could consider simply working a few more years. More Americans are retiring later in life—the current average retirement age is now sixty-one, whereas in 1991 it was fifty-seven. Not only will retiring later help you save longer, but it will also enable to you take full advantage of your social security benefits. You can collect partial benefits at sixty-two and full ones at sixty-seven, but if you defer collecting your benefits until age 70, your monthly benefit amount will increase. During retirement, you could also supplement your savings with money from a part-time job or another income-producing endeavor. If you don’t want to go to work every day, you could even try out a remote position so you can skip the commute.