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A 2024 report by AARP found that 20% of Americans aged 50 and over have no retirement savings at all. The U.S. Government Accountability Office paints an equally dire picture. As of 2022, 32% of households with a worker age 55 and older had no savings for retirement or defined benefit plan.<\/p>\n<\/p>\n
If you\u2019re 65 and haven\u2019t managed to save anything for your senior years, you\u2019re far from alone. You may also be feeling hopeless, and that\u2019s understandable.<\/p>\n
That doesn\u2019t mean you\u2019re doomed to working forever, though. Here\u2019s how to salvage your situation so you don\u2019t have to hold down a job until the day you die.<\/p>\n
Retiring on Social Security alone is difficult, but possible. A Gallup poll found 23% of retirees rely solely on Social Security, and 60% of those feel financially comfortable.<\/p>\n
To make it work, you may need to change your lifestyle and habits, including taking advantage of free entertainment and discounted activities. Libraries and community centers often offer complimentary programming for seniors, while AARP membership ($20 annually starting 2025) provides access to entertainment, travel, and dining discounts.<\/p>\n
The gig economy also offers flexible options for extra income, like writing, teaching an instrument, or pet sitting.<\/p>\n
While retiring on zero savings isn\u2019t ideal, there are ways to work around the situation so you\u2019re not plugging away at a full-time job for the rest of your life.<\/p>\n
Sticking to a budget is key to reaching your financial goals, but tracking multiple accounts and expenses can be difficult. Monarch Money<\/a> makes budgeting easier by bringing all your financial accounts together in one place.<\/p>\n With Monarch Money, you’ll receive custom reminders for upcoming bills and subscription renewals, ensuring you never miss a payment or get caught off guard by auto-renewals.<\/p>\n The app also provides clear visibility of your net worth by connecting your investment accounts and real estate holdings, giving you a complete picture of your financial health<\/a>. Monarch simplifies your finances so you always know where your money is and where it’s going.<\/p>\n Story Continues <\/p>\n For a limited time, you can sign up and get 50% off your first year with code NEWYEAR2025<\/a>.<\/p>\n Working a few extra years before claiming Social Security can help maximize your benefits. Delaying until age 70 offers the largest monthly checks based on your income history.<\/p>\n Cutting some spending and saving while working could give you a cushion for unexpected expenses like home repairs. If you downsize your home, you could also contribute to an IRA or 401(k). A $500 monthly contribution over five years, with a modest 4% return, could add up to $32,500, especially if you lower your housing costs.<\/p>\n Working a few extra years before retirement can significantly boost your nest egg through continued income and investment growth. Make the most of these extra working years by automatically investing your spare change with Acorns<\/a> .<\/p>\n The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio<\/a> . This means that while you’re still earning an income, every transaction \u2014 from your morning coffee to grocery shopping \u2014 contributes to building your retirement nest egg.<\/p>\n For example, when you spend $3.60 on coffee, Acorns<\/a> will automatically invest the 40-cent difference. These small amounts add up over time.<\/p>\n Plus, with an Acorns Silver<\/a> plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold<\/a>, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.<\/p>\n