Some people reach the tail end of their careers with millions of dollars in savings. But you might be in a very different boat.

Maybe you struggled to fund your 401(k) or IRA because you had kids to support or lots of expenses to juggle. And maybe you let your fear of investing in stocks get the better of you, resulting in less growth in your retirement plan.

No matter the specifics of your situation, if you're nearing the end of your career and aren't happy with your savings, delaying retirement is certainly an option worth considering. But what if it's not an option for you?

A worried-looking person at a laptop.

Image source: Getty Images.

It could be that the company you've worked for over the past two decades is folding, and you're really hesitant to start over somewhere else when you're already in your late 60s. Or maybe your health isn't good enough to hold down a full-time job.

If delaying retirement isn't an option, but you're worried about your lack of savings, all isn't lost. Here are some options you can look at.

1. Turn your home into an income source

If you own a home, you have multiple options for generating income once you enter retirement. For one thing, you can rent out a portion of your home and collect a monthly check from your tenant. This option is especially feasible if your home has a separate area, like a basement or finished garage, that can function as separate living quarters with privacy.

You can also look into renting out a spot in your driveway if you live in an area where it's difficult to park a car. It could be that you own a suburban home and live near a bus stop that doesn't have much parking. A daily commuter might be willing to pay you a modest fee to use your driveway to avoid having to search for a spot every morning before catching a bus.

2. Downsize your home and live off the proceeds

Many people enter retirement with paid-off homes. If you don't have a lot of savings, but you do have a lot of home equity, you can use that as an income source -- especially if you're willing to downsize.

Let's say you can sell a $600,000 home that you own outright without the help of a real estate agent, allowing you to avoid paying a commission. Let's also assume you can then buy a $400,000 home outright. All of a sudden, you're sitting on $200,000 that can serve as a nest egg of sorts.

3. Find a part-time job that works for you

Continuing to work full time might not be feasible at a certain point. But that doesn't mean you can't look into part-time work, or work that you do from home.

Let's say health and mobility issues are preventing you from extending your career. If so, you might manage to find a remote job that lets you work a couple of days a week rather than 40 hours or more.

The more savings you have going into retirement, the more confident you might be about that stage of life. But if your nest egg leaves much to be desired and you can't delay retirement, you can instead use these tactics to drum up extra cash and avoid financial struggles.