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One in five Americans over the age of 50 doesn’t have any retirement savings, according to a survey by the AARP (1).
And even if you have something tucked away, it may not be enough.
Federal Reserve (2) data shows that the median retirement savings for households with members between ages 55 and 64 is around $185,000.
While that might seem like a lot, it is likely not sufficient to secure a comfortable retirement.
Let’s do the math. Further data from the Bureau of Labor Statistics finds the average retiree spends $59,616 a year, or a little less than $5,000 a month (3). With the estimated average Social Security check hitting only $2,071 a month in January 2026 (4), that’s a difference of almost $3,000 per month.
From these numbers alone, it’s clear today’s retirees will need ample savings to bridge the gap — and they know it.
In a survey published by Clever Real Estate in January 2026, American retirees said they believed the average retiree will need $823,000 in savings and investments to cover their retirement in the coming years (5). Meanwhile, the average American believes the “magic number” is closer to $1.26 million, based on research by Northwestern Mutual (6).
If these numbers are starting to make your own retirement plan seem trivial, not all hope is lost.
It’s never too late to ramp up your retirement savings, so here are four tips to secure your nest egg.
First up, you don’t have to navigate your retirement savings alone. People who work with financial advisors can see up to 3% increased returns through a combination of asset allocation, investment selection, systematic rebalancing and tax management, according to a report by Envestment (7). This is backed up by research from Vanguard, which suggests investors can see a perceived value add of 3% when working with an advisor (8).
So, if you want to ensure you’re maximizing your retirement contributions, it could pay to speak to a qualified financial advisor.
Advisor.com connects you with licensed financial professionals in your area who can provide personalized guidance.
A professional advisor can also help you determine how many years you have left to invest before retirement and assess your comfort level with market fluctuations — two key factors in building the right asset mix for your portfolio.
Through Advisor.com, you can schedule a free, no-obligation consultation to discuss your retirement goals and long-term financial plan.
Read More: Approaching retirement with no savings? Don’t panic, you’re not alone. Here are 6 easy ways you can catch up (and fast)
Investing in gold can be a solid alternative to preserve your nest egg. Unlike the U.S. dollar, which has lost 87% of its purchasing power between 1971 and 2023 (9), gold’s value tends to remain stable over time.
Gold is regarded as a hedge against inflation for a simple reason: It can’t be printed out of thin air like fiat money.
In fact, investor enthusiasm for the yellow metal has recently propelled it to record levels, with gold prices jumping over 70% since this time last year (10). Despite a correction in late January, J.P. Morgan estimates that gold could hit highs of between $6,000 and $6,300 per ounce by the end of 2026 (11).
“Traditionally, a weaker dollar and lower U.S. interest rates increase the appeal of non-yielding bullion,” noted a less bullish report on gold from J. P. Morgan from December (12). “It has low correlation with other asset classes, so can act as insurance during falling markets and times of geopolitical stress.”
With so much market volatility right now, what better asset is there to help bolster your retirement savings?
If you’re looking for a way to get in on the action, 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.
And if you’d like to convert an existing IRA into a gold IRA, Priority Gold offers a 100% free rollover and free shipping, as well as 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 grip on your nest egg, download their free 2026 gold investor bundle. Just keep in mind that gold is typically best utilized as one part of an otherwise well diversified portfolio.
Gold and gold IRAs can be big changes to your portfolio mix, but that doesn’t mean that more traditional investment vehicles can’t move you towards your retirement goals.
By resisting indulgences, you could limit your chances of overspending and overborrowing, putting you on a clearer path to financial freedom — if you’re smart about what to do with your spare change.
But that’s easier said than done for many.
If you find it difficult to stop overindulging, you could start by building savings habits into your everyday spending. With Acorns, you can automatically invest spare change from your everyday purchases into a diversified portfolio of ETFs managed by experts at leading investment firms like Vanguard and BlackRock.
It works like this: 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.
Then, once you’re comfortable socking away your spare change, you could set up a monthly recurring deposit. And the best part? If you sign up now with a monthly contribution of just $5, you can get a $20 bonus investment to get started.
If you’re looking for more ways to generate passive income, there is always investing in real estate.
However, real estate is an asset class that has historically been reserved for investors with a lot of capital.
That is no longer the case. Now you can tap into this market by investing in shares of vacation homes or rental properties through Arrived.
Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property. No midnight maintenance calls or burst pipes here.
To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation.
Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
AARP (1); Board of Governors of the Federal Reserve System (2), (3); Social Security Administration (4); Clever Real Estate (5); Northwestern Mutual (6); Envestment (7); Vanguard (8); GIS Reports Online (9); APMEX (10); J. P. Morgan (11), (12)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.