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A recent Northwestern Mutual study revealed a significant gap between what boomers have saved for retirement and how much they need to retire. Despite expecting to need $990,000 to retire comfortably, they have only $120,300 saved, on average.

According to the study, the average age at which people say they started saving for retirement is 31. Gen Z is ahead of the game, starting at 22 –15 years earlier than boomers, who say they didn’t start until age 37. With retirement on the horizon, boomers who’ve fallen behind on retirement savings often face a dilemma — do they retire without the financial safety net they intended, or slog through extra years of work?

If you’re in that position, it is still possible to make a difference. Here’s how to quickly boost your savings and enjoy the security and freedom of your retirement years:

Maximize Retirement Contributions

Taking full advantage of your ability to make catch-up contributions can help close the gap between your current savings and your retirement goals. Anyone ages 50 and older can contribute an extra $7,500 to their 401(k) plans and an extra $1,000 to their individual retirement accounts.

If you’re working, and your employer offers 401(k) matching contributions, make sure you understand the terms and contribute enough to receive the full match. This is essentially free money added to your retirement savings.

Optimize Your Investment Strategy

Investments play a key role in growing your nest egg, and there are various ways of optimizing your overall investment strategy. Diversifying your portfolio, for example, can help reduce risk and increase returns.

Investing is often a very individual matter, and getting the right professional advice can make all the difference. The study shows that only 17% of U.S. adults have sought advice from a financial professional, and 38% of boomers say they haven’t taken any steps at all to avoid outliving their savings.

Reduce Expenses To Increase Savings

Reviewing your expenses on a weekly, monthly and annual basis, with a view to cutting any unnecessary ones, might seem like a small drop in the ocean, but even seemingly insignificant costs can add up to a substantial amount.

Make sure you look at bigger expenses, too. Consider downsizing your home to reduce living expenses, for example, and diverting the freed-up cash into your retirement savings.

Leverage Tax-Advantaged Accounts

Only just over half (56%) of boomers say they have a plan to address healthcare costs in retirement. If you have an eligible high-deductible health plan, contributing to a health savings account not only helps with those costs but also offers triple tax benefits — you’re not taxed on HSA contributions, qualified withdrawals are tax-free and the account grows tax-free. The catch is that eligible plans have high out-of-pocket expenses, so weigh the benefits and risks before switching to an HDHP or ruling out a plan with a lower deductible and out-of-pocket maximum.

You could also consider converting any funds you hold in a traditional IRA or 401(k) to a Roth IRA to take advantage of future tax advantages. Just be aware of the five-year holding period — you’ll lose the tax benefits of the Roth IRA if you withdraw the money sooner.

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