Many retirees and those nearing retirement express a common fear— running out of money with  years of life still ahead of them.

“The reality is that a large percentage of Americans simply don’t have the kind of savings they need,”  says Chuck Price, author of “Investing Simplified: What You Don’t Know Can Hurt You.”

Price offers this suggestion for stretching retirement dollars as much as possible include:

• Cut costs. Are there expenses you can get rid of if money becomes too tight? Maybe you don’t need to play golf every day or dine out so often. Are you paying for insurance on an extra car that you really don’t need anymore or for a motorcycle you rarely ride?

 “Retirement is supposed to be fun, I know, but in tough economic times you’ll have to make decisions,” Price says. “If your situation improves, you can add some of those luxuries back later.”