If you are trying to save money, and you do not intend to fly an MEP, then the Sim is a viable option.
1) Complete the IR revalidation before the end of October. You will require a course completion (for MEP, and possibly a training flight) next year.
2) Complete the MEP/IR in the the 3 month period to keep the existing IR date. You may want refresher training anyway, if you haven’t flown MEP recently.
3) If you have an SEP, consider the SE-IR for revalidation for the next few years. You will need a course completion, and some training before renewal of both MEP & ME-IR.
Consider whichever route matches your expectations of what the future holds…
Good luck.