Half of American boomers risk running out of money in retirement, study shows — here are 3 ways to avoid becoming a statistic

1. Delay retirement for a few years

If you're nearing retirement with too little invested, working longer is the most obvious solution. Staying in the workforce longer can improve your future financial security in the following ways:

*You'll have more time to save money *You can delay claiming Social Security, which increases your benefit *You won't need your savings to support you as long

Let's say you're 63 years old. If you can put off retirement until 67, you'll be able to claim your Social Security at the full retirement age and ensure your standard benefit isn’t reduced by early filing penalties.

You'll also have another four years to save. If you can manage to put away around $10,000 a year during that period (including your employer match) and earn a 7% average annual return, you could grow your account by approximately $44,000. That'll give you another $1,700 per year in annual income, which isn't nothing.

In addition to relying on Social Security, building up retirement accounts like a Roth IRA or 401(k) allows you to contribute after-tax dollars, with the added benefit that investment gains and withdrawals are tax-free.

This provides flexibility if your retirement plans change. One specific IRA to consider is a gold IRA, which you can establish with the help of Thor Metals.

Diversifying with assets like precious metals, which have a low correlation to stocks and bonds, can further stabilize your portfolio.

Thor Metals is an industry leader in precious metals and authorized dealer for the U.S. Mint and they can help you seamlessly manage the complexities of setting up and managing your gold IRA. They also partner with the top IRS-approved depositors to make sure your metals are stored safely.

You can fill out your name and email to get a free 2024 Wealth Protection Guide to help you determine if this investment is right for you and your retirement.

If you can work until age 70, you'll fare even better. You can boost your standard Social Security benefit by 24%, earning delayed retirement credits if you claim after reaching your Full Retirement Age (FRA). Additionally, by investing $10,000 annually over seven years, you could add over $85,000 to your nest egg.

If you need guidance on the best time to retire and the most effective saving strategies, consider speaking with a professional at Zoe Financial.

With Zoe Financial, you can connect with a trusted financial professional who will develop a plan tailored to your specific needs. Their network includes fiduciaries, financial advisors, and financial planners who can advise you on growing your nest egg, making smart investments, and determining the best time for you to start collecting Social Security.

Getting started is simple: answer a few questions about yourself and your finances, and their algorithm will match you with your top three advisors. From there, you can schedule a free, no-obligation consultation to ensure you’ve found the right fit.

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2. Cash in your equity

Many Boomers are coming up short in their retirement accounts, but are rich in real estate. This generation collectively owns homes with a combined value of $18 trillion, according to Redfin.

If you own your home outright or even have a lot of equity, you may be able to sell and buy a cheaper home with cash (to avoid today's high mortgage rates), thereby adding a large lump sum to your retirement funds.

In theory, you also have the option to take a reverse mortgage. This would allow you to tap into equity without having to move out of your home. However, reverse mortgages often come with high fees, which can make it difficult to leave your family home to loved ones. They are not the best choice for most retirees, so be sure to explore your other options before considering one.

If buying property is out of reach for you right now or you don’t want to use your own equity, there is still a way to invest in the appreciating equity of U.S. homeowners in some of the biggest markets in the country.

One way to invest in these competitive markets is through Cityfunds, a platform that allows you to invest in own-occupied properties in top U.S. markets.

Cityfunds allows investors to tap into the housing market in major U.S cities including Miami, Los Angeles, and Austin. Cityfunds secures an interest in a home’s future value in exchange for cash. That means, as the home's value appreciates, your Cityfunds equity investment grows alongside the homeowner’s, all while diversifying your investment portfolio.

With a community of over 10,000 users, you can get started with a minimum investment of $500 – without the hassle of dealing with high property prices or an expensive mortgage.

3. Be strategic about where you retire

Finally, if you're worried about making a small nest egg last, consider retiring to a more affordable location.

Some areas are far less expensive to live in than others. Some locales also have more favorable tax rules for retirees, including no taxes on pensions or Social Security benefits. By reducing your living costs, you can preserve your savings by using less money each year.

No matter where you choose to retire, one effective way to cut costs is by reducing essential expenses like home and auto insurance. While insurance is necessary, it doesn’t have to consume a significant portion of your budget.

For home insurance, platforms like BestMoney allow you to compare rates in your area. Simply answer a few quick questions about yourself, and they’ll instantly sort through leading insurers to find the best deals available.

Similarly, OfficialCarInsurance makes it easy to find better auto insurance deals. When you sign up, you’ll receive offers from trusted companies like Progressive, GEICO and Allstate, making it easy to find and select the right policy for you.

In addition to cutting down on essential expenses, you can further stretch your retirement savings by making your money work for you. One simple way to do this is by investing your spare change, turning small contributions into potential long-term growth.

Acorns is a user-friendly, automated savings and investing app that lets you invest your spare change effortlessly. The app simplifies saving and investing by rounding up your everyday purchases to the nearest dollar and investing the spare change into a diversified portfolio of ETFs.

Acorns also offers a subscription tier with added perks, including a 3% IRA match on contributions held for four years and a 3% APY on checking accounts. Plus, if you set up direct deposit, your monthly subscription fee is waived.

If you sign up with Acorns today, you’ll receive a $20 bonus to kickstart your investing journey.