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So, you’ve left planning for your golden years to the mid-century mark — don’t worry. You’re not the only one.
About 20% of Americans aged 50 and older have nothing saved for retirement, according to a recent survey by AARP.
For those starting late, the challenge to save enough in time might seem daunting. Americans believe they’ll need nearly $1.26 million on average for a comfortable retirement, based on a 2025 study by Northwestern Mutual. About 54% of Gen X — people between the ages of 45 and 60 — believe that they aren’t financially prepared for retirement.
Even if you’re one of the many Americans falling short of what you expected to have stashed away for retirement by now, you still have options — here are six ways to catch up fast.
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Automatically invest your spare change
You don’t always have to put away large sums to move toward your retirement goals. Ten dollars a week could make a difference – if you’re smart about what to do with your spare change.
When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.
Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.
Plus, if you sign up now, you can get a $20 bonus investment when you set up a recurring deposit.
Supercharge your retirement contributions
Take advantage of your employer’s 401(k) matching program if that’s an option. Work toward increasing contributions whenever you receive a raise or bonus.
If you’re looking for other options to fund your retirement, you might consider investing directly in precious metals.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.
To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.
Maximize your current savings
Americans saved only 4.9% of their disposable personal income in April, based on data from the Bureau of Economic Analysis (BEA).
Plus, 57% of Americans put their money in traditional savings accounts, according to the Federal Deposit Insurance Corporation (FDIC). These accounts have an average percentage yield of only 0.42%.
If you want to grow your savings more efficiently, you can do just that with a high-yield cash account like those offered by Wealthfront.
Wealthfront is a financial services platform offering a range of products, from automated investing to cash accounts. The Wealthfront Cash Account offers 4.00% APY — almost 10 times the national average.
With full access to your money at all times, Wealthfront also offers fast and free transfers to internal Wealthfront investing accounts, as well as external accounts.
To get started, you can fund your cash account with as little as $1 and start stacking up your savings.
And if you fund your account with $500 or more, you’ll get a $30 bonus with Wealthfront Cash.
Find additional sources of capital
With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.
Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.
Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with low rates today.
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Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Ensure your loved ones are taken care of
Many retirees are part of a couple, relying on the income from two people to make ends meet.
If the worst should happen, you’ll want to ensure your partner has the funds they’ll need to cover unexpected costs.
Life insurance can offer a versatile solution to help support your family, providing coverage to potentially replace lost income or settle outstanding debts in the event of your death.
Opting for term life insurance through a provider like Ethos, ensures that as you age, your loved ones are protected from unexpected costs. With term life insurance, you can secure affordable coverage while managing your other financial responsibilities.
Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms spanning from 10 to 30 years. To get a free quote, simply answer a few questions about yourself. Then, you can compare various policies and choose one that best suits your needs.
Talk to a financial advisor
With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.
Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.
All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.
Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.
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¹ Terms and Conditions apply. NMLS# 1136
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
