One of the biggest worries many retirees have is outliving their savings. You see this even among those who diligently save throughout their careers, claim Social Security, and go into retirement debt-free. Many others aren’t so lucky.

Retiring with debt can make concerns about outliving your savings even more pressing because a significant chunk of your budget will go toward debt repayment. It’s a difficult situation to manage, but the following five tips can make it a little easier.

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1. Refinance your mortgage if doing so could save you money

Homeowners still carrying a mortgage could reduce their monthly payments by refinancing. But ideally, you want to wait until interest rates are low to do so. The Federal Reserve has cut interest rates cautiously over the last few months, but it’s possible we could see even lower rates later in the year.

Keep in mind that you’ll have to pay closing costs to refinance. Check with your mortgage lender to see whether refinancing is a wise move for you right now. If it won’t make a substantial difference in your monthly payments, it may be better to wait and try again later.

2. Consider a personal loan or balance transfer card for credit card debt

Credit card debt can be especially difficult in retirement because of its high interest rates. Balance transfer cards and personal loans are two popular ways to pay off this type of debt. You can also use personal loans to help you out of payday loan debt.

A balance transfer card offers a 0% introductory annual percentage rate (APR) for a certain number of months. You’ll pay a small fee to transfer the balance, but then it won’t grow any further until the 0% APR period ends. This enables you to focus on paying down your principal rather than constantly dealing with more interest charges.

A personal loan gives you a predictable monthly payment and does not require collateral. Because of this, the interest rates are higher than you’ll find with mortgages or auto loans. But you won’t have to worry about your balance continuing to balloon over time.

3. Get a reverse mortgage if you have substantial equity in your home

Reverse mortgages enable you to tap the equity in your home so you can use it to pay down debt or cover your everyday retirement costs. You don’t have to pay the loan back as long as you live in the home and keep it well maintained and insured. However, if you move out of the home, the whole balance comes due at once.

To qualify for a reverse mortgage, you must be 62 or older and generally have at least 50% equity in your home. Talk to a mortgage lender to see whether you qualify.

4. Work part-time

Some retirees enjoy working in retirement because it gives them a sense of purpose and a chance to interact with others. It’s also a great way to get some extra income. You can use the money from your job to cover your debt payments so you can reserve your personal savings for other retirement expenses.

If you decide to work in retirement, you don’t have to choose the same field you spent your career in. You’re free to pick something flexible that aligns with your interests so it feels less like work.

5. Apply for government benefits

Low-income seniors could be eligible for a host of government benefits. These benefits help retirees pay for essential expenses like food, housing, and healthcare. If you qualify for these benefits, you’ll have more personal savings you can divert to paying off your debts.

Keep in mind that each assistance program has its own eligibility requirements. Contact your state social services department to learn more about which programs you may qualify for and how to apply.

The tips above may not all appeal to you, and that’s OK. But keep them in mind. Your circumstances could change in the future, and you may need to try different approaches to help you manage your debt in retirement.

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