Many people are faced with the reality that their nest eggs have dwindled to a point that they're unable to rely on them. So what's a person to do? If you've planned on retiring soon, you may be faced with options that you never thought you'd have to consider before.

Unfortunately, investments that don't pan out can happen to anyone—Especially during the tough economic times we've seen recently. The only option is to switch to your alternate plan, provided you have one. If you don't, here are a few suggestions:

Put Off Retirement

Some individuals may have to work longer than they expected. That doesn't have to be a bad thing. If you are healthy and able to work, there is nothing wrong with continuing to work. This will create more earned income and savings, while shortening the time you will have to rely on your retirement savings. The good news here is the longer you wait, the more money you'll be able to collect in Social Security benefits.

Downsizing

Consider selling your home and relocating to a smaller, more affordable home, apartment or condominium. This could have added benefits regarding less maintenance and upkeep inside and outside.

If you drive an expensive vehicle, trade that in for a sensible model too. The same can be said for upkeep and maintenance for vehicles too!

Look for Ways to Save Money

Save as much as you can right this moment while at the same time reducing how much you spend. Do things like:

• Cut back or quit eating out altogether.
• Bulk buy groceries, cook and freeze them for later use.
  
• Look for free or low-cost entertainment options.

Educate Yourself

Learn all that you can by reading anything you can get your hands on regarding finances and retirement like books and articles. A good place to start is your local library. There you can usually find plenty to read up on those subjects. Research free financial calculators and applications on the Internet that can help you decide on where to take your finances from this point forward.

Safely Invest

Look to your bank or credit union for safe investments like certificates of deposits and money market accounts where your funds are federally insured. These types of accounts are save and a great way to begin rebuilding your nest egg.