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About a decade ago, roughly 71.6 million men and women began hitting retirement age. They are, of course, the baby boomers — a generation born during the postwar population explosion of the mid-20th century.
So, how exactly is retirement shaping up for the generation that went from Woodstock and Watergate to iPhones and Instagram?
The short answer: not great.
According to research by Vanguard, only 40% of baby boomers aged 61 to 65 are projected to retire successfully — meaning that more than half won’t be able to maintain their current standard of living into retirement (1). By comparison, that number is 47% among Gen Z workers aged 24 to 28, who will make up the next wave of retirees.
This bleak retirement forecast for baby boomers is backed by the data. According to the latest available numbers from the Federal Reserve’s Survey of Consumer Finances, the average retirement account balance was $333,940 (2).
While that might sound like a respectable pile of cash, it falls well short of the $1.26 million the average American thinks is the “magic number” for retirement savings, according to a poll conducted by Northwestern Mutual (3). Despite these daunting figures, 56% of baby boomers polled were still confident they would be financially prepared for retirement.
Are they right to feel so confident? Or should they be worried?
Only time will tell. But, with another dozen years to go before the whole generation reaches retirement age, there is still a chance to change course.
Here are three strategies to bolster your retirement savings, no matter your age.
As so many Americans fall short in their retirement savings, it is important to know that they’re not alone. There is help.
If you want to ensure you’re maximizing your retirement contributions, it could pay to speak to a qualified financial advisor. Prudence in financial matters comes more easily when you have great advisors in your corner.
In fact, research from Vanguard shows that working with a financial advisor can add about 3% to net returns over time (4). That difference can become substantial. For example, if you started with a $50,000 portfolio, professional guidance could mean more than $1.3 million in additional growth over 30 years, depending on market conditions and your investment strategy. This is supported by Envestnet research, which found a similar 3% boost when working with a financial advisor (5).
In other words, a financial advisor can help crunch the numbers and build a plan that works. But hiring an advisor can be a lifelong commitment, which might make or break your retirement.
That’s why finding reliable advisors is crucial.
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If you’re looking for advice on questions like how to invest for retirement or how much cash you should hold in your portfolio, consider finding a financial advisor through Advisor.com.
This online platform connects you with vetted financial advisors who can help you develop a plan for your new wealth.
Just answer a few quick questions about yourself and your finances, and the platform will match you with an experienced financial professional. From here, you can view their profile and read past client reviews to develop a better understanding of their financial services.
Once you find a match, you can even schedule an initial consultation for free with no obligation to hire. That way, you can make sure that their guidance fits your portfolio.
If you’re still feeling nervous about retirement after seeking out help, there’s always another option — delaying retirement.
And you wouldn’t be alone.
In the past four decades, the percentage of Americans over age 65 who participate in the labor force has steadily increased from 10.8% in 1985 to 19.5% in 2024 (6).
It’s almost becoming cool to work in your golden years. But why are so many doing it?
Working longer has several financial advantages. Among them, it not only delays taking money out of your retirement investments — which allows them to continue compounding earnings — but also pushes back the age at which you’ll need to start collecting Social Security payments to avoid required minimum distributions.
Plus, it gives you time to make that extra income grow.
Take that average retirement account of $333,940, for example. Invested in a conservative portfolio returning 5% annually — the historical average return on stocks is 11.9% — that money would grow to $384,031 in just three years. Assuming you’re following the 4% rule for withdrawals, that would amount to $15,361 per year — an increase of $2,004 each year.
Those are not insignificant amounts, and they show the power of investments, big and small.
If you can’t find the excess cash to make those big investment plays, there’s nothing wrong with starting small.
That’s where micro-investing apps like Acorns can really help you get started.
It works like this: All you have to do is link your bank account and spend as you normally would. Acorns will round up your everyday purchases to the nearest dollar, and then invest that spare change in a diversified portfolio built by experts at leading investment firms like Vanguard and BlackRock.
For instance, if you buy a donut for $3.25, Acorns will round up the purchase to $4 and invest the change in a smart investment portfolio. That 75-cent difference is now an investment in your future. If you want to supercharge your investing, you can also set up regular monthly contributions to round out your round-ups.
Signing up for Acorns takes less than five minutes, and if you sign up now with a recurring deposit, you can get a $20 bonus investment.
Once you start saving regularly, you might find yourself trying to branch out to bigger things. That’s when you might want to diversify your retirement savings outside of the stock market.
If you are a baby boomer, for example, you’ve already seen your share of swings in share prices — but you’ve also seen massive growth in commodities like gold. The precious yellow metal is often used as a hedge against inflation and as a better store of value during an economic downturn compared to stocks. You can even combine gold’s wealth preservation properties with the tax benefits of an IRA, with just a little bit of help.
That’s where Priority Gold, an industry leader in precious metals, can come in by offering the physical delivery of gold and silver.
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 can 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, you can download their free 2026 gold investor bundle to learn more. Just keep in mind that gold is often best used as one part of a well-diversified portfolio.
Finally, when putting together a plan for retirement, it is important to remember that what you do is not only important for you. It affects your loved ones, too.
That’s why you should factor them into your financial future by considering options such as life insurance.
Life insurance provides a secure, tax-free sum called a death benefit to your loved ones after your death. Your beneficiaries can then use that money to cover funeral costs, settle medical expenses or even pay off debts.
Simply put, when you opt into life insurance, you can help make sure your family won’t be on the hook for any unexpected costs or financial complications associated with your end-of-life expenses. At the very least, life insurance can offer a cushion to your family during an already difficult time.
So, if you want to ensure your family isn’t hit with unexpected costs after your death, consider signing up for term life insurance from Ethos. The platform offers simple and affordable coverage for a set period of time — typically between 10 and 30 years.
As a licensed third-party insurance administrator, Ethos has joined forces with some of the industry’s top insurance carriers, such as Banner Life, TruStage Financial and Ameritas Life Insurance. Even better, you can get approved by Ethos for coverage up to $2 million without any medical exams.
It’s fast too. All it takes is just 10 minutes online or by phone for you to explore your coverage options.
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Vanguard (1), (4); Board of Governors of the Federal Reserve System (2); Northwestern Mutual (3); Envestnet (5); U.S. Bureau of Labor Statistics (6)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.