Should you’ve hit your 50s or 60s with little in your retirement financial savings account, you’re not alone. Almost half of People approaching retirement age have saved little to nothing. It’s a daunting actuality, however it doesn’t imply you’re doomed to work without end or dwell in poverty.

Whereas the monetary trade typically emphasizes a long time of planning and diligent saving, life isn’t all the time that neat. Individuals lose jobs, help households, face medical emergencies, or just don’t be taught sensible cash habits early sufficient. The excellent news? All hope isn’t misplaced. Even if you happen to’ve been “dangerous” at saving, there are nonetheless sensible, empowering methods to retire with consolation, confidence, and dignity. Right here’s find out how to profit from what you’ve obtained, beginning now.

Reimagine What Retirement Seems to be Like

First, let go of the outdated fantasy of retirement as an countless trip on a seashore. At the moment’s retirement may be extra versatile, with part-time work, neighborhood involvement, or small enterprise ventures. Reframing retirement as a section of reinvention relatively than whole withdrawal can cut back monetary stress whereas maintaining you mentally and socially engaged. This doesn’t imply settling. It means selecting a model of retirement that matches your actuality and nonetheless permits for freedom, goal, and relaxation.

Delay Social Safety (If You Can)

One of the highly effective levers you continue to have is delaying your Social Security benefits. For yearly you wait previous full retirement age (as much as age 70), your profit will increase by about 8%. Should you can work just a few additional years and even simply delay claiming advantages whereas tapping different earnings, you may lock in a considerably increased month-to-month fee for the remainder of your life. That one determination can bridge quite a lot of monetary gaps over time.

Downsize With out Downgrading

Your home could also be your largest asset…and a significant supply of pointless bills. Downsizing to a smaller residence, renting, or transferring to a lower-cost space can unlock fairness, reduce upkeep prices, and decrease your property taxes. Retirement doesn’t should be about slicing again to reveal bones. It’s about being strategic. Consider downsizing as a manner to purchase freedom, not sacrifice consolation.

Make Use of Catch-Up Contributions

Should you’re over 50 and nonetheless working, the IRS means that you can make “catch-up” contributions to retirement accounts. As of 2025, you may contribute an additional $7,500 yearly to a 401(okay) and $1,000 extra to an IRA. This can be a sensible option to turbocharge your financial savings within the remaining stretch. You probably have fewer bills—say, your children are out of the home—it’s a good time to reroute that money into your future.

Look Into Low-Value, Versatile Dwelling Choices

Retiring comfortably doesn’t should imply staying put. Many retirees are embracing house-sharing, RV dwelling, and even retiring overseas in international locations the place the price of dwelling is dramatically decrease. This shift can stretch your {dollars} considerably whereas providing new experiences and neighborhood. Nations like Mexico, Portugal, and Costa Rica are fashionable amongst U.S. retirees for his or her affordability and healthcare choices.

Monetize Expertise You Already Have

Even a small quantity of supplemental earnings could make a giant distinction in retirement. Whether or not it’s tutoring, consulting, freelancing, or turning a pastime right into a aspect hustle, the gig economic system presents versatile methods to earn with out burning out. The aim isn’t to exchange your full-time job. It’s to create a modest earnings stream that reduces how a lot you could pull from financial savings or advantages every month.

Eradicate Excessive-Curiosity Debt First

Should you’ve been dangerous at saving, likelihood is you may additionally have some lingering debt. The quickest option to give your self monetary respiration room in retirement is to aggressively repay high-interest bank cards or loans. Begin with a debt payoff plan, both the snowball or avalanche technique, and intention to be debt-free by the point you retire. Each greenback you don’t owe is a greenback you may spend or save.

Take into account a Hybrid Retirement

Hybrid retirement—working part-time whereas accumulating Social Safety or utilizing financial savings—can bridge the hole between full-time work and full-time relaxation. This would possibly appear like consulting, seasonal jobs, or beginning a small enterprise you take pleasure in. Even incomes $1,000–$2,000 a month for just a few years can considerably prolong the lifetime of your retirement earnings. Plus, it could possibly present a way of goal and construction in the course of the transition.

Search Assist from a Fiduciary Monetary Advisor

Should you’re navigating retirement planning late within the sport, don’t go it alone. A fiduciary monetary advisor—somebody legally obligated to behave in your greatest curiosity—might help you make sensible, personalised choices. They might help you determine one of the best time to say Social Safety, find out how to withdraw from retirement accounts tax-efficiently, and find out how to defend your self from outliving your cash. It’s an funding in peace of thoughts.

It’s By no means Too Late to Get It Proper

So perhaps you didn’t save “sufficient.” Perhaps you made some monetary missteps. You’re not alone, and also you’re not out of choices. Retirement can nonetheless be significant, safe, and even joyful with the correct mixture of technique, mindset, and help. The secret’s to behave now. Get sincere about your funds. Begin making small however constant modifications. Search steering. And above all, don’t purchase into the idea that it’s too late for you.

What does a “snug” retirement appear like to you, and what’s one step you may take towards it right this moment?

Learn Extra:

5 Things Retirees Are Doing Wrong with Their Social Security (That’s Keeping Them in Poverty)

Why Retirement Is Actually the Most Dangerous Time of Your Life

Riley is an Arizona native with over 9 years of writing expertise. From private finance to journey to digital advertising to popular culture, she’s written about all the pieces below the solar. When she’s not writing, she’s spending her time exterior, studying, or cuddling together with her two corgis.