If you’re feeling behind when it comes to retirement savings, you’re not alone. A surprising 70% of Americans are either falling short or don’t know where they stand.1 If you find yourself in this predicament, it’s time to stop worrying and take actionable steps. We’ve gathered a few tips that can help you build a respectable fund to salvage your retirement:

• Spend less, save more. As simple as it sounds, it may not be an easy task. Not only do we tend to overspend on items we think we need, but we also spend our money before we’ve even earned it. Review your financial statements and reevaluate what you’re spending on a monthly basis. By seeking out avoidable expenses and cutting them out, you’ll gain more than you lose. You’ll come to find that these little savings will add up over time and can contribute significantly to your retirement plan.
• Work longer. This may be not be ideal for everyone, but working longer can be a tactical way to improve your retirement security. Not only does staying in the workforce mean keeping your earnings and benefits (medical coverage and continued contributions to retirement accounts), but you can expect fatter checks from Social Security every year that you hold off on claiming. Waiting until age 70 can get you a boost of an extra 8% per year.2
• Downsize. Chances are you grew up dreaming of having a large home with all of the bells and whistles. But as you head into your older years, living a simple and modest lifestyle may more suitable. Choosing to downsize your home by purchasing a smaller and less expensive home can offer many financial and health benefits. Your mortgage payments, maintenance, and utility costs could help put more money back into your pockets, and downsizing could also give you a home with greater accessibility.

Regardless of where you are in life, you can still make up for lost time.