Three out of five American workers feel behind on retirement savings, with 59% of boomers also feeling unprepared. The average retirement savings for those aged 55-64 is $537,560, falling short of the perceived $1.26 million needed. To improve financial security, consider working part-time, investing, reducing expenses, or relocating to a lower cost area.

Investing in certificates of deposit, bonds, stocks, or alternative investments can help grow your money. However, higher returns typically come with greater risks. It’s important to only invest in volatile options if you can afford potential losses. Consider consulting a financial advisor before making any investment decisions.

Reducing expenses and downsizing can help you withdraw less from retirement accounts, allowing your money to grow. Relocating to a lower cost area, like Delaware, can also decrease expenses and free up more cash. For some, purchasing an annuity may provide guaranteed lifetime income, offering peace of mind in retirement.

Read more at Yahoo Finance: 59% of working boomers feel behind on retirement savings. Here are 5 ways to keep growing your nest egg after retiring