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If you’ve left planning for your golden years to midlife, you’re not alone.
65% of all Americans believe the rising cost of living will prevent them from enjoying retirement, according to the Allianz Center for the Future of Retirement (1). Meanwhile, 54% of baby boomers say they aren’t saving as much for retirement as they would like.
For those starting late, the challenge to save enough in time might seem daunting. The same Allianz survey suggests that nearly half of Americans “have no idea how much money they want to save.” But of those who do, Americans say they need a whopping $3,327,000 to retire comfortably.
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 six ways to catch up fast.
You don’t necessarily have to put away huge sums at once to move toward your retirement goals. Ten dollars a week could make a difference — if you’re smart about what you do with it.
With Acorns, every purchase made on your credit or debit card is automatically rounded up to the nearest dollar, and the excess — the coins that would wind up in your pocket if you were paying cash — is placed 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. Here’s how it adds up: $2.50 worth of daily round-ups are worth $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.
Take advantage of your employer’s 401(k) matching program if the option is available to you. And work toward increasing contributions whenever you receive a raise or bonus.
For other ways to fund your retirement beyond traditional stocks, you might consider investing directly in precious metals.
A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold. It can be an attractive option for those hoping to protect their nest egg from economic uncertainties.
To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases.
Americans saved just 4.7% of their disposable personal income in September, based on data from the Bureau of Economic Analysis (BEA) (2).
And according to the CNBC Select and Dynata Banking Behaviors Survey, 82% of Americans are not using high-yield savings accounts (3).
That means they could be losing out on substantial monthly gains from the compounding effect of a higher interest rate.
Make sure your money’s working hard for you in the background, earning the best rate you can get.
A high-yield account, such as a Wealthfront Cash Account, can be a great place to grow your emergency funds, offering both competitive interest rates and easy access to your cash when you need it.
A Wealthfront Cash Account can provide a base variable APY of 3.50%, but new clients can get a 0.65% boost over their first three months for a total APY of 4.15% provided by program banks on your uninvested cash. That’s over 10 times the national deposit savings rate, according to the FDIC’s December report.
With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, you can ensure your funds remain accessible at all times. Plus, Wealthfront Cash Account balances of up to $8 million are insured by the FDIC through program banks.
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 $307,000 in equity as of the second quarter of 2025, according to Cotality (4).
Tapping into your home equity can help cover unexpected expenses, fund a major purchase like a home renovation or supplement income for your retirement.
Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making them an appealing option for homeowners with substantial equity.
With Figure, you can get a fast and fully online HELOC from the comfort of your home. That means you can unlock your home equity without having to fill out piles of paperwork — no in-person appraisal needed.
You can check your rate for free and complete your application process within minutes — accessing funding within as little as five days for loans under $400,000.
Unlike traditional HELOCs that allow you to borrow incremental amounts, Figure gives you your full approved amount upfront. It works more like a quick home equity loan, but with HELOC-style flexibility.
Figure’s platform has already funded over $20 billion in loans. Plus, it has an average 4.8-star Trustpilot rating, with over 217,000 households served.
If you’re looking to consolidate your high-interest debt or pay off a big one-time purchase, then Figure’s HELOC might be right for you.
If you’re a retiree with a dependent or a partner, should the worst happen, you’ll want to ensure they have the funds needed 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.
If you’re unsure which path to take amid today’s market uncertainty, it might be a good time to connect with a financial advisor.
According to the 2025 LIMRA Protected Lifetime Income & Planning study, 78% of consumers working with a financial professional were confident they’d have adequate income in retirement compared to just half of unadvised consumers (5).
Advisor.com’s online platform can help connect you with vetted financial advisors best suited to 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. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.
You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Allianz (1);
BEA (2); CNBC (3); Cotality (4); LIMRA (5)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.