Half of American boomers risk running out of money in retirement — here are 3 ways to stick it to that stat

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 for as long

Let's say you're a 63-year-old boomer. If you can put off retirement until 67, you'll be able to claim your Social Security at your full retirement age and get your standard benefit unreduced 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.

If you can work until 70, you'll fare even better. You can boost your standard Social Security benefit by 24%, earning delayed retirement credits if you claim after FRA. Plus, with $10,000 a year invested over 7 years, you could add over $85,000 to your nest egg.

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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, buy a cheaper home with cash (to avoid today's high mortgage rates), and add 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 explore your other options before considering one.

If you want to keep your home but need a little extra cash flow, consider renting out a room or even taking a more creative approach, such as signing up for apps that allow you to charge people for borrowing your swimming pool or storing stuff in your garage.

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 taking out less money each year.

If you can work a bit longer, save a bit more and live some place that costs you less, you should be able to add your name to the list of boomers whose money is likely to last for life.