As retirement approaches, it’s common to feel concerned about not having saved enough. You’re not alone — statistics show that 22% of Americans have less than $5,000 saved for retirement.

But don’t panic just yet. There are still ways to increase your retirement savings, even if you’re in your 50s. Here are six last-minute strategies that could help improve your financial stability in retirement:

1. Maximize Contributions to Retirement Accounts

If you’re over 50, the IRS allows you to contribute more to your retirement accounts. For example, you can add an extra $6,500 to your 401(k) and an additional $1,000 to your IRA. Taking advantage of these catch-up contributions can make a significant difference in your retirement savings.

2. Cut Back on Your Lifestyle

Saving more money often means reducing expenses. Consider downsizing your home, cutting out dining out, brewing your own coffee, canceling unnecessary subscriptions, and buying used items. Any money you save can be reinvested into your retirement fund, helping you build a bigger nest egg.

3. Postpone Retirement for a Few More Years

If you’re healthy and able, consider working a few more years before retiring. Not only will this give you more time to save, but delaying your Social Security benefits until age 70 can significantly increase your monthly payout.

4. Start Freelancing

If you have a skill that can be monetized, freelancing might be a great way to supplement your retirement savings. Whether it’s web development, copywriting, accounting, consulting, or even pet sitting, freelancing can offer extra income and flexible work hours, allowing you to save more for the future.

5. Rent Out Your Space or Belongings

If you have extra space in your home, like a spare room, consider renting it out. You can also rent out parking spaces, tools, or even recreational equipment like boats or bikes. Renting out what you own can generate extra cash that can be saved for retirement.

6. Consider Taking More Investment Risks

If your investment strategy has been overly conservative, it might be time to take on a bit more risk. Bonds and CDs offer stability but low returns. Consider diversifying into corporate bonds, growth stocks, dividend-paying stocks, or real estate investment trusts (REITs) for potentially higher returns.

However, be cautious as you near retirement — a drastic market downturn could cause you to lose money. Always consult with a financial advisor before making changes to your investment portfolio.

By adopting these strategies, you can improve your retirement savings even if you’re nearing the finish line. Remember, small but consistent changes can have a big impact over time!