59% of working boomers feel behind on retirement savings. Here are 5 ways to keep growing your nest egg after retiring

Keep in mind, though, that the higher the potential returns, the greater the risk you typically take. At this stage of life, you don’t have as much time to recover if an investment goes south. You can’t take on too many risks in the pursuit of wealth. As a rule of thumb, you should only invest in speculative — or volatile — investments if you can afford to lose everything you put in.

3. Spend less

There are different definitions of what it means to be rich. If your goal is to have enough saved so you feel more secure or are able to leave a legacy, then one way to do this is by reducing your expenses.

If you cut your spending, you can withdraw less from your retirement accounts, so your money has more opportunity to grow. If you have enough money coming in from Social Security and a pension, you may even be able to keep saving and investing more so your nest egg grows instead of dwindling.

You can also look at cutting a big fixed expense to free up more cash. If you can downsize and cut your housing payment in half, for example, you may feel richer, because you'll have more money to spend on whatever you want each month. Also, look into simply reducing monthly costs like those for car, home and health insurance premiums.

4. Relocate for a lower cost of living

Along with downsizing, you can consider relocating to a area with a lower cost of living. Delaware, for example, was recently ranked among the most “financially supportive” states for retirees by Caring.com (4) for factors including lower grocery spend, no shopping tax and no tax on Social Security.

In addition, if you sell a house in a high-cost-of-living area and move to a lower-cost one, you could potentially get enough equity out of your old home to pay for your new place in cash. If you have any funds left over from that transaction, you could put them back into your investments to further grow them.

Of course, you’ll want to make sure any new place is a good fit, makes you happy and allows you to access the medical care you need and social activities you enjoy. Living richer isn’t always about money.

5. Opt for an annuity

Finally, if your idea of being richer is never having to worry about running out of money, or about where your next payment is coming from, you could opt for an annuity.

Annuities can be complicated, and in comparison to other investments, they may have lower returns and higher fees. That being said, they do one thing well: They provide guaranteed lifetime income that won’t run out. For some people, the financial stability that comes from having a guaranteed source of funds is worth the cost of any downsides — and it makes them feel wealthier.

It can be beneficial to consult with a financial advisor before making a move like buying an annuity, or making a move across the country, to help ensure you meet your retirement goals.