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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, on average, believe they’ll need nearly $1.46 million for a comfortable retirement, based on a 2024 study by Northwestern Mutual.
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 five 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.
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.
Those looking to incorporate precious metals into their retirement strategy can benefit from modern investment solutions, like those offered by companies like American Hartford Gold.
American Hartford Gold is a leading precious metals dealer – allowing you to invest directly in gold or silver.
With secure storage, expert guidance, and customizable investment plans, American Hartford Gold helps investors diversify their portfolios while protecting against inflation. Gold IRAs provide a tangible safeguard for retirement savings, combining financial security with significant tax advantages, making them an appealing choice for long-term wealth preservation.
Maximize your current savings
57% of Americans put their money in traditional savings accounts, which have an average percentage yield of only 0.41%, according to the Federal Deposit Insurance Corporation (FDIC).
If you want to grow your savings more efficiently, you can do just that with a high-yield cash account like the one 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 10x 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.
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 lenders¹ with low rates today.
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.
What to read next
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
