15 Ways to Retire Comfortably With Less Than $1 Million

A $1 million nest egg is seen by many as the minimum needed to retire comfortably -- and with good reason. You'll only generate around $40,000 in retirement income if you've saved a million, which isn't a fortune even when combined with Social Security.

But if you have less than seven figures saved, that doesn't mean you're doomed to a retirement of struggle. In fact, if you follow these 15 tips, you should still be able to enjoy your later years even with far less invested for your future.

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Your nest egg stretches much further in some locations than others, so choosing your home carefully is crucial if you have less than $1 million saved.

Look for parts of the U.S. where the costs of necessities are low, or even consider retiring internationally if you're really strapped for cash.

A car is a huge expense and one that can be easily avoided if you live someplace walkable.

Not only can choosing an area where you can walk to restaurants and grocery stores save you money, but it can also help you preserve your independence later in life if driving becomes more difficult.

If you have an expensive house, downsizing it could make it much easier for your smaller nest egg to support you. Without a large house, you will have fewer bills to pay, such as high property taxes and maintenance costs.

If you still have a mortgage, downsizing could enable you to get rid of it and move to a cheaper house where there's no housing payment. You could also bank the money from the sale of your home if your loan is paid off, making your nest egg bigger.

ALSO READ: 4 Reasons to Relocate in Retirement

Fixed monthly costs can eat up your money quickly, so aim to keep these expenses as low as you can.

You can do this by choosing a less expensive home, driving an older used car, taking steps to save on utilities, and avoiding expensive monthly commitments such as a large cable TV bill or costly gym membership.

There are often plenty of opportunities for older Americans to save, and you should make sure you claim all of them to help stretch your nest egg further. This means asking for discounts on everything from museum entry fees to early bird specials at restaurants.

Seniors also have the flexibility to do things like travel during the off-season when trips are less expensive -- so take advantage of it.

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Tax rules can vary dramatically depending on location. For example, in some states Social Security benefits could be taxed, but they aren't in others. Property and income taxes can also be substantially higher in some parts of the country.

When you have less than $1 million saved for retirement, you'll definitely want to prioritize finding a place to live with favorable tax rules for seniors.

ALSO Read: 37 States That Don't Tax Social Security Benefits

You have some control over the amount of Social Security income you receive.

For example, the longer you delay claiming benefits after becoming eligible for them at 62, the higher your monthly income will be. Benefits are also based on average wages in the 35 years your earnings were highest, so you can raise your check amount by making sure you work at least 35 years -- or longer if you're earning a lot at the end of your career.

When you have a small nest egg, larger Social Security benefits can be important to provide the income you need.

Health insurance is a huge expense for retirees, and it's crucial you take steps to keep costs down when you have less than $1 million in the bank.

This can mean shopping very carefully for Medigap or Medicare Advantage plans that fit your needs. Finding the right health insurance can help you minimize the expenses associated with maintaining your health so you don't drain your nest egg too fast.

You need to know where your money is going if you don't have a lot of it. This will ensure you're using it wisely and will help you avoid high-interest debt that could make it even harder to live comfortably with less than $1 million in the bank.

Living on a detailed budget helps you live within your means and make the most of every dollar so you can still enjoy your retirement without a ton of money.

Emergencies can still happen after you retire, and they could decimate your nest egg if you have to unexpectedly withdraw thousands of dollars to cover surprise costs.

To make sure you're prepared for whatever life throws your way, maintain an emergency fund with enough money to cover several months of living expenses even after you've retired.

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If you're worried about the size of your retirement account balance, waiting a little bit longer to retire could make a huge difference in your future financial security.

Delaying retirement can help your finances in a number of ways. You could take the extra time to add to your nest egg. You won't have to rely on your retirement savings for as long. And you could enable a delayed Social Security benefits claim, which raises the size of those benefits.

ALSO READ: Delaying Retirement Is Absolutely Worth It For These 6 Benefits

Retiring doesn't necessarily mean you have to leave the workforce for good. You could consider starting your own business, consulting, working part-time, or even doing full-time work for a while.

If you work as a senior, you'll have an additional income source so you won't need to rely on your savings as much. This can help you enjoy a higher quality of life if your nest egg isn't huge.

Just be aware that working could affect your Social Security checks if you haven't yet reached full retirement age.

Living with loved ones such as children or siblings could save you a lot of money -- and potentially also improve your quality of life as a senior.

You'd have an extra set of hands around to help you if you have medical issues and would be able to avoid loneliness that sometimes comes during retirement. You could also help out loved ones (perhaps by babysitting grandkids).

And splitting the bills would make your money stretch a lot further.

When your nest egg is under $1 million, it's crucial to make sure it's invested wisely.

This means you should have the right asset allocation based on your current risk tolerance so you aren't taking too great a risk of losing money -- or being too conservative and not earning enough returns.

You'll also want to watch the fees you're paying, as expensive investments probably aren't ideal when you don't have a huge amount of savings to begin with.

Finally, with a nest egg under $1 million, it's vitally important to ensure you aren't taking out too much money too quickly. Otherwise, you could run your account dry and really face a lot of struggles later in life.

To avoid this and make sure your savings sees you through the rest of your retirement, set a safe withdrawal rate and stick to it.

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While having a $1 million nest egg is nice, it's not something everyone can do. And if you can't save a million before leaving work, that doesn't mean you can't still enjoy your later years.

By following these 15 steps, you can stretch your savings and still have a great life as a retiree. Just get started ASAP so you don't cause your nest egg to dwindle and make life more difficult later on.

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