If you’re like most people, you probably know the importance of setting aside funds for retirement. Whether you invest in mutual funds, traditional savings, or something else entirely, you need to make sure that you’ll have enough money to live comfortably by the time you finish working.

However, many people find it difficult to start saving early on in their careers. This means that you might have some catching up to do in the years leading up to your retirement. Fortunately, we have a few ways to help you save money while you prepare for retirement!

Save on Healthcare Costs

If you haven’t started collecting Social Security yet and are still working, you likely don’t qualify for Medicare. Thus, you’ll need to rely on employer-sponsored health insurance or a private health insurance plan to assist with medical costs. However, these aren’t the only ways to save money on healthcare. You should also talk to your physician about alternative treatments to avoid costly surgeries or procedures. For example, stem cell therapy provides a unique and cost-effective alternative to hip replacement surgery.

Reduce Your Expenses Now

One of the best ways to save is to not spend. While everyone wants to maintain a certain lifestyle, you may need to make a few sacrifices if you want your savings to last for the entirety of your retirement. So, as you prepare for retirement, start making cuts to non-essential expenses like entertainment subscriptions, dining out, or new clothing. By trimming away some of the fat, you’ll have more funds to invest in your future.

Reevaluate Your Investment Plan

If you feel like you haven’t saved enough for retirement and you’re running out of time, you’ll need to reevaluate your current financial plan. More specifically, you’ll probably need to adopt a more aggressive investment strategy that can help your money grow faster over the short-term. However, keep in mind that reallocating funds in your portfolio to create a more aggressive investment strategy will require you to take on more risk. You should only make these changes if you have the capacity to take on risk and understand the potential consequences of making major changes to your retirement portfolio.

Look For Ways to Increase Your Income

This step is a hard pill to swallow for most people who are nearing retirement. If you’ve been working in the same industry or position for the past 30 years, you may not be inclined to look for new ways to increase your income right before retirement. That said, even adding 5% to your annual income could help you meet your retirement goals. So, look for ways to make a little extra money in your spare time, like a part-time job, freelance work, or renting out a portion of your property.

If Necessary, Delay Your Retirement

While this may not sound like a way to save money, it’s actually one of the best ways to “cross the finish line” with your retirement savings. If you don’t have enough saved to meet your goals when you turn 65, you can simply extend your working life for one year, two years, or even more. Obviously, this is a huge sacrifice to make if you’re ready to retire at 65 (or even earlier). However, putting an extra year’s worth of savings away (and allowing your investments to grow for an additional year) could ensure that you have enough funds to live out your retirement in comfort.