As a baby boomer who has opted for early retirement, you may be grappling with how to make your retirement funds stretch out over the years ahead. You’re wise to do so — especially if you’re not even 60 yet.

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Factors such as your budget, housing, healthcare, Social Security benefits and other sources of income need to all be taken into consideration as you evaluate how to proceed.

Here are eight retirement tips for boomers who may have retired too early, according to financial experts.

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Consider Earned Income

Carl Grande, a financial planner and the CEO and founder of Grand Capital Mgmt, said earned income is the most important aspect of retiring early.

“Social Security limits the amount of earned income one can receive when retiring before full retirement age (in most cases 66 or 67),” he said. “This is important to consider, because once you go past the threshold for earned income, your Social Security starts to get reduced $1 for every $2 earned above the threshold.

“In 2023, the threshold is $21,240 if you pull Social Security before FRA (full retirement age). Watch the amount of income you are earning, and consult with your tax professional to clarify what the amount is for you.”

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Reevaluate Your Budget

Louis J. Czerwinski, CRPC with Allegiant Wealth Management, said the first thing to do when re-evaluating your budget is to track your spending habits.

“Identify non-essential costs you can trim and focus on essential expenses first,” he said. “Your discretionary expenses might need re-evaluation if funds are limited.”

Consider a Part-Time Job

Zachary Bachner, CFP with Summit Financial Consulting, said recent high inflation levels have caused a financial strain for the average consumer, as well as retirees who are living on fixed incomes.

“We have had clients who have decided to return to work either in their previous industry or simply a part-time job to help increase their monthly cash flow,” he said. “If you cannot reduce your expenses at all, then the next best option is to find a way to increase your income.”

Downsize or Relocate

Another area to consider cutting expenses is regarding your home and where you live.

“Consider whether staying in your current home is the most cost-effective choice,” Czerwinski said. “Downsizing or relocating to a more affordable area might stretch your retirement savings further.”

Consider Home-Equity Solutions

If you don’t want to downsize or move to a more affordable location, Rebecca Awram, mortgage advisor at Seniors Lending Centre, recommends considering home-equity-based solutions.

“If you are 55-plus, you can possibly obtain a reverse mortgage on your home, where you can access up to 55% of your home’s value, depending on how much equity you have built up through your mortgage over the years,” Awram said. “A reverse mortgage is a great way to stay in your home while accessing the equity. The best part is you do not have to make any monthly payments, and you will never owe the lender more than the value of your home.”

Awram also said retirees could look into home equity loans. She said, “This allows you to access home equity through one lump-sum payment without affecting your primary mortgage, losing a great rate or incurring any penalties.”

Optimize Social Security Benefits

If you haven’t started claiming Social Security benefits, Czerwinski said you should consider waiting until your full retirement age or even longer to maximize your monthly income.

If you wait longer to claim your Social Security benefits, it can make a huge difference in the amount you receive each month.

Czerwinski also pointed out that coordinating your claiming strategy with your spouse can maximize the overall benefits for the household.

Establish an Income Plan

Having a plan for your nest egg is crucial if you want it to last as long as possible.

“Decide which retirement accounts you will draw from first,” Czerwinski advised. “Consider the tax implications of withdrawing from different accounts and consult with a financial advisor or tax professional if unsure.”

Understand Medicare

Czerwinski said you should also become familiar with the options and costs associated with Medicare.

“Ensure timely enrollment to avoid penalties,” he said. “Educate yourself on the differences between Medicare Advantage Plans and Medicare Supplement plans.”

This article “Tips for Boomers Who May Have Retired Too Early” originally appeared on GOBankingRates.com: 8 Tips for Baby Boomers Who May Have Retired Too Early by Cynthia Measom. Brought to you by Scott Underwood and Reverse Mortgage Alabama.