Author: Moneywise

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Getting laid off can be a harsh blow at any age. But at 61, it can be an extremely difficult thing.

Even if you’re well qualified to do what you do, employers may be hesitant to hire someone who’s perceived to be on the cusp of retirement. While age discrimination isn’t legal, it’s a pretty common thing for employers to pass over job candidates due to their older age.

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Unfortunately, it sounds like you were forced to retire before you wanted. You wouldn’t be alone in that boat. A 2024 Transamerica survey of retirees found that 58% ended their careers sooner than they had planned. Among them, 43% cited employment-related issues. The median age of retirement was 62, three years younger than the traditional retirement age of 65.

Retiring at 61 could be particularly challenging because you’re still a year away from being eligible to claim Social Security (at a reduced rate, no less), and you’re also four years away from being able to get health coverage through Medicare.

So, rather than resign yourself to a forced early retirement, you may want to explore your options for being able to continue to work.

Don’t give up on being able to work just yet

Thanks to the booming gig economy, you may be able to go out and find work on your own terms. You could try consulting in your former field, starting a new business, or even embracing different side hustles to cobble together an income for a period of time.

A survey from Self Financial says that 33% of Americans ages 65 and over are looking into setting up side hustles. And people ages 65 and over earn an average of $581.32 per month this way. You, however, may be able to earn more if you’re passionate about what you’re doing and can dedicate more hours to it.

Another way to earn more income is through the lucrative real estate market. Rental income can potentially provide a steady cash flow that adjusts to inflationary pressures, offering a hedge against the declining value of fiat currency.

You can tap into this market by investing in shares of vacation homes or rental properties through Arrived.

Backed by world class investors like Jeff Bezos, Arrived’s easy-to-use platform allows you to invest in shares of vacation and rental properties — which can potentially give you a passive income stream without the extra work that comes with being a landlord of your own rental property.

To get started, simply browse through their selection of vetted properties, each picked for its potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

If you’re an accredited investor, Homeshares allows you to gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning, or managing property.

The fund focuses on homes with substantial equity, utilizing Home Equity Agreements (HEAs) to help homeowners access liquidity without incurring debt or additional interest payments.

This approach provides an effective, hands-off way to invest in high-quality residential properties, plus the added benefit of diversification across various regional markets — with a minimum investment of $25,000.

With risk-adjusted target returns ranging from 12% to 18%, Homeshares could unlock lucrative real estate opportunities, offering accredited investors a low-maintenance alternative to traditional property ownership.

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

Protecting your finances after a late-in-life layoff

Losing a job before retirement could be detrimental to your finances. Even though you’re old enough to tap an IRA or 401(k) plan without a penalty, you may not want to start dipping into your savings at such a young age.

If you’re worried about the potential for layoffs during a period of stock market uncertainty, you might consider securing your IRAs by investing in commodities instead of the market.

Opening a gold IRA with the help of Thor Metals can allow you to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold. This makes 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.

Also, while you may be able to piece together enough of a part-time income to keep your savings untouched until you’re 62 and eligible for Social Security, claiming benefits at that age means reducing them by 30% compared to waiting until your full retirement age of 67. So that may not be ideal, either.

One thing you should do after getting laid off is put in a claim for unemployment benefits right away. You’re typically eligible if you were let go through no fault of your own.

You may also be eligible for severance pay from your employer. And if that severance is based on tenure and you were at your company for a long time, you may be entitled to a decent-sized payout.

That could buy you some time to figure out your next move without having to dip into your savings. Additionally, you should see if you have accrued vacation or sick time you’re eligible to get paid out on.

Another smart thing to do following a layoff is to see what expenses you can reduce — either temporarily or permanently. If you’ve been toying with downsizing, it could be a great time to do so if it saves you money on housing. And if you have a reason to hang onto a larger home, you may want to look at renting out a room for some income.

Also make sure to put health insurance in place following a layoff. COBRA might prove expensive, but you can explore options on the health insurance marketplace.

It’s also a good idea to talk to a financial advisor when you experience a major change in income like the loss of a job — especially if it happens at an age where you may be forced into an early retirement.

A financial advisor can help you assess your options and figure out the most efficient way to cover your expenses in the absence of a paycheck.

They may, for example, suggest switching to assets like bonds in your portfolio so you can generate income and reduce your risk at a time when you might need the flexibility to tap your investments.

If you don’t already have a financial advisor, FinancialAdvisor.net can help you find an advisor to co-create a plan to secure your retirement. Just answer a few questions and their extensive online database will match you with a few vetted advisors based on your answers.

You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

It’s no surprise that Americans often rely heavily on credit cards to make ends meet. And with a recent period of rampant inflation, it’s equally unsurprising that credit card balances are on the rise.

In the fourth quarter of 2024, U.S. credit card balances rose by $45 billion, reaching the $1.21 trillion mark — the highest level recorded by the Fed in 20 years.

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It’s also worth noting that consumer debt is on the rise. Mortgage balances hit $12.61 trillion during the fourth quarter of the year, while auto loan balances reached $1.66 trillion.

In the fourth quarter of 2024, 7.18% of balances became seriously delinquent (more than 90 days), versus 6.36% in the previous year.

U.S. consumers carry a lot of credit card debt, and given the interest rates associated with credit cards, this can be extremely detrimental to their financial health. So, it’s important to try to break that cycle.

An unsettling trend

Surging inflation and costs have pushed many consumers deeper into credit card debt. In Q4 2024, the average credit card borrower owed $6,580, up from $6,360 a year before.

The number of Americans carrying balances also increased to 171.4 million. Many are struggling to pay bills, with 28% seeing their debt grow, and 37% unable to make ends meet without taking on more debt.

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

Breaking the cycle of credit card debt

Credit card debt is a double-edged sword: the longer you carry a balance (or multiple balances), the more interest you accrue.

Carrying high credit card debt relative to your total credit limit can damage your credit score, making borrowing money even more expensive and trapping you in a terrible cycle.

To break free, consider cutting back on spending, increasing income through a side hustle, and choosing a debt payoff method. The avalanche method tackles high-interest debts first, saving you more money, while the snowball method focuses on paying off smaller debts first, offering quicker psychological wins. Both methods have their advantages depending on your goals.

One way to tackle your high-interest debt faster is to consolidate them into one affordable payment with a lower interest rate. The lower rate allows you to pay the debt faster, which means you would also be saving on the total amount of interest paid.

Finding a lender offering personal loans with low interest rates is easier than ever with the help of online marketplaces like Credible. In just a few clicks, see a side-by-side comparison of the top lenders with the annual percentage rates (APRs), loan term and loan amount available based on your credit score.

Another way to pay down credit card debt quickly is by using a balance transfer credit card, which allows you to transfer your existing debt to a card with 0% APR for a certain period. This helps you save on interest and pay off your balance faster.

Searching for the right credit card can be overwhelming. But with Cardratings.com, it’s quick, easy and personalized.

Cardratings lets you easily compare a wide variety of rates and balance transfer offers, so you can find the right card that suits your needs.

For example, if you have a $10,000 balance at 22% APR, you’d pay around $2,200 in interest over a year with minimum payments. But if you transfer the balance to a card offering 0% APR for 12 months (with a 2% transfer fee), you’d pay a $200 fee upfront. Even with the fee, you’d save about $2,000 in interest, making it a smart way to pay off debt faster.

Finally, if you own a home — you have equity — so you could look to consolidate your credit card debt into a home equity loan.

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.

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. Terms and Conditions apply.

But be careful, as you’re putting your home on the line. Falling behind on home equity loan payments could lead to foreclosure.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

There’s great news for America’s homeowners: A growing percentage now own their homes outright. No mortgage, no liens.

As of 2024, about 38.8% of owner-occupied homes in the United States are owned outright, meaning they no longer have mortgages to pay, according to U.S. Census Bureau data. That is a 40% increase between 2012 and 2022.

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Over half of homeowners from this reporting period are also above the retirement age of 65. So if you’re fortunate enough to be mortgage-free and headed towards retirement, chances are you have a lot going for you financially.

For starters, the worth of your home, should you choose to sell it, represents 100% equity — meaning your bank owns none of it. If property values in your area have jumped since buying, your home is now much more than a roof over your head. It’s also a storehouse of wealth.

Here’s a closer look at what a fully owned residence could translate to in dollars and cents.

Hard-won returns

It’s important to note that homes don’t provide returns like traditional investments. After years of mortgage payments, much of your money goes to the lender.

For example, on a $500,000 home with a $100,000 down payment and a 15-year mortgage at 2.5%, you’d pay around $80,000 in interest, excluding property taxes, repairs and insurance.

Even if you don’t own your own home, there are other ways to get the housing market working for you without a hefty downpayment or managing property. New investing platforms are making it easier than ever to tap into the real estate market.

For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

If you’re not an accredited investor, crowdfunding platforms like Arrived allows you to enter the real estate market for as little as $100.

Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

Between 2008 and 2013, home prices more than doubled, according to the Federal Housing Finance Agency. This means that a $500,000 home bought in 2008 could be worth $1.08 million today.

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Your fully owned home’s ripple effect

Another way to determine what your paid-off home is worth is by considering how it impacts your retirement budget.

By eliminating a $2,500 mortgage payment, you cut your annual expenses during retirement by $30,000.This can help bring your retirement income needs closer to the lower end of the 55%-80% range suggested by Fidelity. Paying off your home before retirement can make for more years of mortgage free investing.

For example, paying off your home by 60 years of age frees up $150,000 to invest over five years. At a 7% return, that can grow to $210,000 — providing a solid retirement cushion and the means to build extra wealth.

Real estate investing can be a proven path to building lasting wealth. For the 12th year in a row, Americans have ranked real estate as the best long-term investment in 2024, according to a Gallup survey.

Through strategic investments in commercial properties and residential real estate, investors can create a robust portfolio that provides both immediate returns and long-term growth.

Today, innovative investment platforms are making real estate more accessible than ever. First National Realty Partners (FNRP) allows accredited investors access to grocery-anchored commercial real estate investments with a minimum investment of $50,000.

With FNRP, investors own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, providing potential cash flow without the headache of tenant costs and management.

Cashing out your equity

One creative way to fund your retirement lifestyle is through a reverse mortgage, which lets you tap into your home equity to supplement your income, pay off substantial debt or fund renovations.

The average homeowner has a home equity of $313,000 as of March 2025, according to the ICE Mortgage Monitor report. This could beis quite substantial depending on your financial situation.

You can choose to borrow the funds as a lump sum or fixed monthly payment and can spend it however you want, allowing you to turn all that home equity into tax-free cash, helping to support your retirement lifestyle.

With a reverse mortgage, you can continue living in your home while accessing its value — and you won’t have to make monthly mortgage payments. The loan only becomes due when you move, sell the home or pass away.

You can check out Money.com’s list of industry-leading companies offering reverse mortgages here.

Compare offers instantly and request a free information guide to help you understand how to get started, and to see if a reverse mortgage is right for you.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

A comfortable home and a healthy nest egg are crucial for ensuring financial security in retirement. With $143,000 in cash, it’s important to avoid letting it sit idle, as inflation and missed opportunities could erode its value.

But what should you do with that money? As a retiree, you must be cautious with your investments. However, being too conservative could also hinder growth, as $143K isn’t a ton of money. Fortunately, if you already own a home, you at least know you’ve got an asset to fall back on if needed.

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• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how

Here are some things to consider before you invest that cash.

Is it a good time to start investing?

The U.S. is undergoing a shift in leadership, disrupting the status quo with significant policy changes. .At the same time, rising international tensions have increased the risk of global conflict. As such, the stock market may be more volatile than ever in the coming years.

With global conflict and political change increasing market uncertainty, investing can feel risky. But avoiding investments altogether carries its own risk—your money could lose value over time.

A balanced approach is key: mix higher-return equities with safer assets like bonds. A common guideline is subtracting your age from 110 to determine your equity allocation. For example, at 66, you might invest 44% in stocks and 56% in bonds.

This strategy helps protect your portfolio during downturns, especially if you hold some cash. For retirees, minimizing losses and reducing market exposure is essential to preserving income.

If you’re looking for other options to fund your retirement and preserve your wealth, you should consider investing directly in gold.

Historically, gold has served as a hedge against inflation and market volatility. Many investors turn to “safe haven” assets like gold during economic and geopolitical instability to preserve their wealth.

Current market conditions have helped propel the price of gold to record levels with the precious metal recently hitting $3,500 as of April 2025.

There are lots of gold assets to choose from, including gold bars, coins and gold stocks.

But right now, opening a gold IRA could be particularly practical as part of your long-term strategy. You can combine the tax advantages of an IRA account with the recession-resistant nature of gold, with the help of companies like Thor Metals.

A gold IRA lets you diversify with a time-tested asset known for holding — and often gaining — value when markets are down. Unlike stocks or bonds, gold isn’t tied to any government or economy, making it a powerful hedge against inflation, currency drops and global instability.

To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals with qualifying purchases.

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How best to invest the money

Once you’ve figured out your ideal asset allocation, the next step is deciding what to invest in. A solid starting point for domestic equities is an ETF that tracks the S&P 500. These funds offer broad exposure to 500 of the largest U.S. companies, historically averaging around 10% annual returns. They’re low-cost, not actively managed, and provide instant diversification.

To invest in ETFs, you could start with a smaller amount and work up from there. One way that might help is by automatically investing your spare change with Acorns.

The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings, or investing in ETFs.

As you continue your investment journey, make sure you have a financial cushion. Setting aside a few months of living expenses in a high-yield savings account, helps to grow your wealth and ensures quick access to cash.

Such accounts offer interest rates that are often 10 to 12 times higher than the national average for traditional savings accounts, which currently stands at around 0.41%. Unfortunately, over 82% of Americans aren’t using such high-yield savings accounts — leaving money on the table, according to CNBC Select. So, it’s important to shop around and compare rates.

You can check out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some savvy savings options that can earn you more than the national average of 0.4% APY.

A certificate of deposit (CD) is another helpful way of growing your savings. A CD is a low-risk savings account that offers a fixed interest rate for a specified period. It’s possible to earn over ten times the average 0.41% return you’d get from a standard savings account.

With SavingsAccounts.com, you can shop and compare top certificates of deposit rates from various banks nationwide.

Their extensive database shows the most competitive rates, with daily rate updates and personalized recommendations based on your risk preferences and time horizon, so you can find the right CD to meet your investment goals.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

As sage billionaires go, BlackRock chairman and CEO Larry Fink belongs in the same rarefied air as Warren Buffett.

And while he probably stopped worrying about his own nest egg a long time ago, as Fink’s firm hit a record $11.6 trillion in assets under management in Q4 of 2024, he has a warning for his peers without substantial retirement savings in the bank.

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• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how

"Record government deficits and tighter bank lending means people, companies, and countries will increasingly turn to markets to finance their retirements, their business, and their economies," he said in the Q3 earnings call.

While Fink recently told a crowd assembled for the conference hosted by the Securities Industry and Financial Markets Association that it “doesn’t matter” who won the election and that he remains bullish on the market, less optimistic investors may be worried about their funds in retirement and the future of Social Security with Donald Trump beginning his second term.

Here’s what you need to know now to build a strong nest egg for whatever the future may bring.

Building on the ‘fantastic foundation’ of Social Security

"Social Security is a fantastic foundation for retirement," Fink said in an interview with Bloomberg last March. "But if that’s all you have when you retire, you’re going to be living below the poverty line. It’s supplemental but it’s not meant to be the totality of what you have in retirement."

As of April 2025, the average monthly benefit for retirees is $1,976, or under $24,000 a year, according to the Social Security Administration. The maximum benefit for an individual retiring at age 70 in 2025 is $5,108 per month or $61,296 a year.

Planning for retirement isn’t easy, and it’s natural to have lots of questions about how much you should save per month, and how to ensure you have a healthy income after you leave your career behind. If you want expert advice on planning your retirement, seeking a financial advisor is a smart first step.

Advisor.com connects you with vetted fiduciary financial advisors near you. All you have to do is answer a few simple questions about your finances, and Adivsor.com matches you with a short list of certified experts to choose from.

You can then set up an introductory meeting with no obligation to hire.

Social Security likely won’t come close to covering your needs in retirement. In order to live the retirement you want, you’ll need to save up a separate nest egg to supplement your benefits. One of the ways you can do that is by consistently contributing to a retirement account like a 401K or IRA.

Diversify your IRA

With the inconsistent performance of the markets in the last few years, many of those close to retirement may be worried about putting their hard-earned dollars into stocks and bonds.

However, alternative assets can help you reduce your reliance on the stock market to grow your retirement fund.

Gold

A traditional hedge against inflation is gold. Unlike fiat currencies, the precious metal can’t be printed in unlimited quantities by central banks. And because its value isn’t tied to any one currency or economy, gold could provide protection during periods of economic uncertainty. This unique characteristic has earned it the reputation of being a “safe haven” asset.

In 2024, gold has lived up to its reputation, soaring by over 25% and surpassing $2,600 per ounce.

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.

Read more: Car insurance premiums could spike 8% by the end of 2025 — thanks to tariffs on car imports and auto parts from Canada and Mexico. But here’s how 2 minutes can save you hundreds of dollars right now

Real estate

Many Americans consider buying investment properties for income in retirement, but the current market — plus the work associated with finding and managing tenants — may make buying property less appealing.

Several real estate crowdfunding platforms are currently stripping out the management and admin that’s usually required when you invest in real estate.

If you are an accredited investor looking to make a larger allocation in this sector, commercial real estate investments might be worth looking into. U.S. commercial properties typically deliver 4%-6% returns annually, while residential returns generate 1.5%-3% returns per annum.

For years, direct access to the $22.5 trillion commercial real estate sector has been limited to a select group of elite investors — until now.

First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.

With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.

Simply answer a few questions – including how much you would like to invest – to start browsing their full list of available properties.

New investing platforms are also making it easier than ever to tap into the residential real estate market.

For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

Invest as you spend to save for your future

"We need to really educate our citizens about the need for savings," said Fink — though not via vanilla bank accounts. Investing, he stressed, allows people to take advantage of capital markets and compounding.

Thankfully, there are ways to invest for retirement no matter the size of your income or portfolio, so you don’t need to be reliant on Social Security benefits alone.

If you want to boost your nest egg over time without having to think about it, you can use Acorns to start saving and investing for retirement with just 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 into a smart investment portfolio. This way, even the most essential spending translates to money saved for the future.

For those looking to enhance their investing strategy as well, Acorns offers different tier memberships, including a gold tier that allows you to customize your portfolio by adding individual stocks and includes a retirement account with a 3% IRA match.

If you sign up for Acorns today, you can get a $20 bonus investment.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Americans think it’ll take $1.26 million, on average, to retire comfortably, according to an April 2025 survey by Northwestern Mutual. And reaching $1 million in retirement savings is a step in the right direction.

There’s good news from Fidelity in that regard, and it’s that 401(k) millionaires are on the rise due to an uptick in worker contribution rates and stock market gains. And further good news is that millennials are finally joining the 401(k) millionaire club, albeit slowly.

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While savers aged 28 to 43 represent fewer than 2% of 401(k) millionaires among Fidelity enrollees, the fact that some have gotten to that point is impressive. And with the right approach, you can, too.

401(k) millionaires on the rise

The number of 401(k) millionaires grew by 9.5% in the third quarter of 2024, hitting 544,000 from 497,000 in the previous quarter, according to Fidelity. What’s more, average 401(k) balances saw a year-over-year increase of 23%, climbing to $132,300.

Balances are also rising among long-term savers. Gen X workers who’ve contributed to their 401(k)s for 15 years have an average balance of $586,100, suggesting that many 401(k) millionaires have been saving consistently for a long time.

Meanwhile, millennials have an average 401(k) balance of $66,500. With the oldest millennials halfway through their careers and the youngest just starting, their balances are expected to grow as they continue to save.

How to become a 401(k) millionaire yourself

Becoming a 401(k) millionaire may be more realistic than you think. The key is consistent saving and starting as soon as possible.

For example, if you invest $400 each month into a 401(k) with a 7% annual return for 41 years your total contribution of $197,000 could grow to over $1 million, thanks to compound interest. However, reducing that timeline to 31 years would only yield about $490,000 — illustrating the value of saving consistently and over the long term.

If $400 per month seems out of reach, try starting with a smaller amount and work up from there. One way that might help is by automatically investing your spare change with Acorns.

The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings.

Plus, with an Acorns Silver plan you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

You could also take advantage of Wealthfront’s automated investing platform, where the power of compound interest works for you. Their "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time. Wealthfront offers up to 17 global asset classes to help diversify your portfolio.

If you open a Wealthfront account today, you can snag a $50 bonus.

Whether you’re saving for retirement, a home or building generational wealth, Wealthfront’s low-cost, automated investment strategy can help you achieve your financial goals.

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Grow your real estate portfolio

Investing in real estate has traditionally been one way to build wealth. But if you aren’t ready to jump into home ownership — financially or otherwise — new investing platforms are making it easier than ever to tap into the market.

For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

While the headlines have been dominated by a rollercoaster in the stock market, financial guru Dave Ramsey isn’t going doom-and-gloom.

In fact, the radio host believes every young American has a shot at becoming a millionaire.

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• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how

“If you’re under 40 years old and you don’t retire a millionaire, that’s no one’s fault but yours,” the 64-year-old said on X, formerly known as Twitter.

Here’s a closer look at the math behind his exhortation.

Everyone can be a millionaire

Despite the economic challenges facing young Americans, Ramsey believes that the average 25-year-old needs to save just a fraction of their annual income to retire at 65 with over $1 million.

However, his thesis assumes that this 25-year-old invests in “good growth stock mutual funds.” Diligently investing just $100 a month into such growth funds could create a $1,176,000 nest egg within 40 years, according to Ramsey’s calculations. Choosing the right fund is a big part of this.

For example, since 2010 the Vanguard S&P 500 ETF (VOO) has delivered a compounded annual growth rate of 14.00%. Meanwhile, the S&P 500 has posted an impressive average annual return of 10.13% since 1957.

The appeal of these platforms lies in their accessibility. Anyone, regardless of wealth, can participate. Even small investments can grow over time, thanks to tools like Acorns, which automatically invests your spare change.

The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings.

With Acorns, you can invest in an S&P 500 ETF with as little as $5. Signing up for Acorns takes just minutes— and Acorns will add a $20 bonus to help kickstart your investment journey.

Ramsey’s path to $11.6 million

The four variables for compound growth calculations are time, initial investment, regular investment and growth rate. Of these, the only variable you can somewhat control is regular investment.

Investing $200 or $300 a month could help you create a nest egg significantly bigger than just $1 million. Ramsey recommends setting the bar even higher at 15% of gross annual income.

“The average household income in America today is $79,000. If you invested 15% of that ($11,850 a year), you would retire with around $11.6 million,” he wrote in the same thread on X.

However, most Americans are saving significantly less than Ramsey’s target. As of February 2025, the average personal savings rate is just 4.6%, according to the Federal Reserve.

Another common financial mistake is keeping your money in low-interest savings accounts. High-yield savings accounts can offer returns up to 10 times higher than those from traditional banks, according to NBC Select and Dynata Banking Behaviors. 82% of those surveyed weren’t using this type of account.

If you’re looking for the best bank for your savings, you can compare and contrast from Moneywise’s list of the Best High Yield Savings Accounts of 2025.

Wealthfront is another option to consider for growing your savings. While most traditional banks offer interest rates that barely register — sometimes as low as 0.01% APY — the Wealthfront Cash account offers a much higher 4.00% APY on deposits. That’s about 9.5 times higher than the national average of just 0.42% APY offered by many traditional savings accounts.

WealthFront Cash has no annual or maintenance fees, and is insured by the Federal Deposit Insurance Corporation (FDIC) for balances up to $8 million. Plus, you can get started with as little as $1.

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Leveling up your investments with real estate

Once you’ve started to save in earnest, it’s crucial to protect your portfolio against inflation. Investing in real estate can help diversify your holdings and grow your wealth over the long term.

New investing platforms are making it easier than ever to tap into the real estate market.

For accredited investors, Homeshares gives you access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level.

Arrived’s flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

Other paths to become a millionaire

Homeownership can be a key stepping stone to reaching millionaire status by retirement. Refinancing your mortgage to accelerate your ownership is one way to get ahead.

Refinancing your home loan through Mortgage Research Center could help you pay off your mortgage early in two ways. By securing a lower interest rate, you can either maintain your current monthly payment while more of it goes toward the principal, or you can opt for a shorter loan term to accelerate your path to homeownership.

When you refinance to a shorter term, such as moving from a 30-year to a 15-year mortgage, you’ll typically receive a lower interest rate while significantly reducing the total interest paid over the life of your loan. Though your monthly payments may increase, you’ll build equity faster and own your home outright years earlier than planned.

Mortgage Research Center, licensed in all 50 states, can help you explore your refinancing options and find the solution that best fits your financial goals.

Their team of experienced professionals will guide you through the process, helping you understand the potential savings and a timeline to becoming mortgage-free.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Many Americans dream of becoming a millionaire, and most believe they’ll need to be one to retire comfortably. According to the 2024 Planning & Progress Study published by Northwestern Mutual, Americans believe they need $1.46 million to retire comfortably.

But the average amount adults saved was just $88,400 last year — $1.37 million lower than their retirement goal.

Almost 50% of Americans are not saving for retirement at all, according to Rachel Cruz, personal finance expert and co-host of The Ramsey Show.

In a recent Fox Business interview, Cruz said that, based on her experience, many are struggling to even find the margin to save for retirement. That’s why she says the first step is to find the margin in your budget.

While it may seem daunting, you don’t need to be a top executive, famous athlete or popular musician to make big bucks. The secret is much simpler — and perhaps more boring — than that, and failing to take advantage of this one money rule could impact your retirement greatly.

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• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how

The No. 1 rule for becoming a millionaire

According to Fox Business host Maria Bartiromo, “The number one thing to do on your road to becoming a millionaire is very simple: join your company’s 401(k) plan. Put as much money in there as you can early on, and make sure you do not touch it.”

Cruz recommends contributing to your 401(k) up to the match your company offers if it offers one. Matching can add significant contributions to your retirement savings over time. After maximizing your employer’s match, Cruz recommends contributing to programs such as a Roth IRA or Roth 401(k), which have tax-free withdrawals in retirement.

But you might be one of many Americans who don’t have access to a 401(k) through your employer. According to a recent study from AARP, around 56 million Americans work for employers that don’t offer any type of traditional retirement or pension plan.

Opening a self-directed retirement account like an individual retirement account (IRA) can help you in this case. The main benefit? You can grow your assets tax-free or defer paying tax until you retire.

Gold prices rose by over 26% in 2024, outperforming the S&P 500 index’s 23% returns.

Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

Build a financial footing and think long-term

For many younger people, retirement seems a long way off — especially when they have more immediate needs for their money. But Cruz says you need to adopt a “long-term mindset.”

You can start putting 15% of your income into retirement, starting with a 401(k) if it’s available to you. She says it’s important to contribute to the plan consistently and avoid pulling any money out, even if the market is down.

After maxing out your 401(k) contributions, you can look for other ways to boost your wealth. A great place to start is by investing spare change from everyday purchases through a micro-investing app like Acorns.

You can link your bank account or credit card, and Acorns will round up your everyday purchase to the nearest dollar and invest the excess into a smart investment portfolio.

For instance, if you make a $23.45 purchase at a restaurant, Acorns will round up the expense to $24 and automatically invest the 55-cent difference into a diversified portfolio of seven ETFs.

If you sign up now, you can get a $20 bonus investment from Acorns.

A key step to building a sound financial footing is to take inventory of your goals. For instance, if you want to retire by the time you’re 50, you need to plan your finances and investments accordingly.

Consulting a financial advisor can help you there.

FinancialAdvisor.net is a free online service that helps you find a financial advisor who can help you create a plan to reach your financial goals. Just answer a few questions and their extensive online database will match you with a few vetted advisors based on your answers.

You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

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Invest now and stay invested

Waiting for the perfect entry point will likely cost you, according to research from Charles Schwab, and time out of the market could hurt your returns. To put this into perspective, research by Fidelity shows that if you invested $10,000 in the S&P 500 Index on Jan. 1, 1980, but missed the best five days in the following years, you’d miss out on $411,258 of potential returns by Dec. 31, 2022.

It’s a not-so-secret rule that starting early and regularly contributing to your 401(k) — and not touching the money until you retire — can start you on the journey to becoming a millionaire. And, like any journey, it all starts with taking the first step.

The S&P 500 index is often a good place to start. But if you want to beat the market, identifying key investment opportunities is critical.

Run by a team of hedge fund managers, Moby can help you discover stocks before they deliver multi-bagger returns. The investment research platform’s stock picks have outperformed the S&P 500 index by an average of 11.95% over the last four years. And that’s on top of the S&P’s 10.13% annualized returns since its 1957 inception.

With Moby Premium, you can get access to the top three picks from the team of analysts every week. Sign up today and become a wiser investor within minutes.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.