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With over 30 years of fielding listener calls and cultivating a devoted audience, Dave Ramsey has become one of the rare experts truly in tune with the nation’s financial heartbeat. His company’s surveys and reports deliver unique insights into how Americans earn, save and spend their money.
Ramsey’s 2023 "Today’s Retirement Crisis" study based on a 2016 survey highlights a surprising statistic — 42% of Americans are not currently saving for the future. This is also reflected in the Fed’s 2022 Survey of Consumer Finances, which shows that only 54.4% of families had retirement accounts.
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"Even among savers, few are setting aside enough to afford a truly secure retirement. In fact, only one-in-10 Americans save 15% or more of their income — the amount industry experts recommend individuals set aside in order to build adequate savings — for retirement," according to the Ramsey Solutions study.
This “alarming” information could indicate that many people are facing dire retirement prospects.
“Instead of packing their bags for their dream vacations in their 60s and 70s, millions of Americans will be packing their lunch for another day at the office,” Ramsey’s team wrote in a March 2025 update on average retirement savings in the United States.
Nearly 60% of retired Americans say Social Security is a “major source” of their retirement income, according to Gallup. AARP estimates that monthly social security checks account for at least half of retirement income for 40% of retirees (aged 65 or above).
But these benefits are designed to replace just 40% of pre-retirement income. The estimated average monthly Social Security retirement benefit for May 2025 was $1,913.70, which translates to an annual income of less than $23,000 — much less than what a comfortable retirement would usually require.
What’s more, recent moves by the Trump administration have raised concerns about the future of Social Security payments. About 59% of non-retired Americans are worried that social security won’t be available by the time they retire, according to a survey from DepositAccounts.
Here are the three steps you can take to start stitching together a safety net that can protect your golden years.
1. Create a saving benchmark
The first step for anyone looking to retire with a comfortable nest egg is to set a benchmark for minimum monthly savings to help secure your future.
As of April 2025, the U.S. personal savings rate was just 4.9%, according to the Bureau of Economic Analysis. This is the ratio of personal savings to disposable personal income, and it is simply too low to fund a robust retirement. Ramsey recommends setting the benchmark significantly higher at 15% of gross income. This also assumes you already have an emergency fund and you’re out of debt.
For example, a person earning $100,000 a year who manages to save 15% of their income and invests it in an asset that delivers 10% returns annually could accumulate roughly $1.5 million within 25 years. This means it’s possible to retire as a millionaire even if you start saving and investing in your early 40s.
When the market shifts, investors of all stripes look for reliable and safe savings vehicles to cushion their nest egg. SoFi’s high-yield checking and savings account account is designed for those savers.
You could earn up to 4.00% APY on your savings. Plus, SoFi charges no account, monthly or overdraft fees.
The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.
If you feel like you can’t set aside enough of your income to invest each month, you can still make your purchases productive with Acorns.
Acorns is an automated investing and saving platform that simplifies the process of setting aside extra funds.
By signing up and linking your bank account, Acorns automatically rounds up the price of each of your purchases to the nearest dollar and deposits the difference into a smart investment portfolio, allowing you to grow your wealth without even thinking about it.
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
2. Max out tax-advantaged accounts
Reducing your tax liability could be just as important as maxing out your savings rate. Every penny saved in taxes is another penny that can be used to invest and compound your wealth over time.
For most people, the best way to mitigate taxes is to utilize tax-advantaged accounts like 401(k)s and Roth IRAs.
Unfortunately, many people neglect these accounts. About 40% of Americans don’t have a retirement savings account, according to a recent survey by Gallup.
As of year-end 2024, the average participant account balance was $148,153, while the median balance was just $38,176, according to Vanguard.
None of these balances is close enough to the estimated $1.26 million an average American needs to comfortably retire. But raising your contributions and maxing out these accounts can help you get ahead of your peers.
Another option to fund your retirement is investing directly in precious metals.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, combining the tax advantages of an IRA with the protective benefits of investing in gold. This can make it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainty.
One way to open a gold IRA is with the help of American Hartford Gold. They offer a free information guide that includes details on how to get up to $20,000 in free silver with qualifying purchases.
3. Go beyond the bare minimum
Saving 15% of your gross income and maximizing your tax-advantaged accounts are the bare minimum for a comfortable retirement, according to Ramsey. However, if you’re looking to retire sooner, want a better lifestyle in retirement or simply waited too long to get started you may need to go beyond this minimum threshold.
Consider adding sources of passive income, such as rental property, to augment your annual earnings. 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 target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.
Finally, it can’t hurt to cover your bases by regularly re-negotiating your salary, or looking for a lateral career change that can earn you more.
Regardless of your current financial situation, there are usually a few ways to make improvements and boost your chances of a successful retirement —- from investing to budgeting best practices.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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