Approaching retirement age with little to no savings may feel like standing on a financial cliff edge. Unfortunately, this is an increasingly crowded cliff.
Roughly 20% of adults over the age of 50 said they had no retirement savings and 61% said they didn’t have enough to support themselves in their golden years, according to the AARP (1). So if you’re at the tail-end of your career without a sizable nest egg, you’re not alone.
You may not have enough time to cover lost ground, but that doesn’t mean a comfortable retirement is impossible after the age of 55. Here’s a simple and practical seven-step strategy that can help you salvage your retirement.
Before you create a path to your future, you need to honestly assess your present. Take some time to measure all your assets, liabilities, income and net worth. Try to uncover the key reason why you haven’t managed to save any money so far.
Once you have a clear picture of your current finances and the key elements that are either holding you back or stalling progress, you can start to mitigate these issues going forward. Although your situation may be completely unique, there’s a good chance that one of the key factors holding you back are your spending habits.
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Even with careful planning, it’s difficult to control your household budget. Not just because of the natural temptation to overspend, but also the rapidly rising cost of living.
Nearly 68% of U.S. adults said their income was falling behind the rise in cost of living, according to Primerica’s U.S. Middle-Income Financial Security Monitor quarterly survey (2). So if your grocery, gas and electricity bill is silently chewing away your monthly paycheck, you’re not alone.
With that in mind, it’s worth taking an audit of all your expenses for a 30-day or 90-day period to see exactly how much you’re really spending. Without an accurate measure of your expenses, you may struggle with the next step: saving more.
With limited time at your disposal, one of the key levers you can pull to create some financial security is to raise your savings rate.
And it doesn’t take much to get ahead of the pack here. As of December 2025, the personal savings rate is just 3.6%, according to Federal Reserve data (3). If you can raise the bar to 8%, 10% or even 15%, you could put yourself on a much faster path to financial independence, regardless of your age.
To be fair, saving more is easier said than done, especially if you haven’t audited your spending habits. But a few adjustments to your lifestyle and regular expenses could make a big difference. Simply trading in your car for a cheaper, used model could give you a massive boost.
Another lever you can pull is your income. After roughly 55 years, your experience is probably your biggest asset.
Use that to your advantage by seeking out freelance consulting gigs, conducting workshops or networking with your old peers to supercharge your career in these late innings. A 10% to 15% bump in annual income, combined with a 10% to 15% savings rate could be the game changer you need to save your retirement in your 50s.
Building a robust nest egg isn’t the only way to secure a comfortable retirement. You could take an unconventional approach to reshape your golden years. For instance, consider selling your primary residence to rent a smaller condo. Downsizing could unlock the equity you have built up in the family home and allow you to enjoy your retirement.
You could also consider moving to a new state or country. More than half (52%) of Americans surveyed by The Harris Poll in 2025 said they have considered moving abroad and nearly half (49%) of those respondents said the primary motivator was the lower cost of living outside the U.S., while 86% expressed “seeking a more affordable cost of living” as the most important factor (4).
So, if you imagine spending your golden years on a beach in Panama, it may be a good idea to rethink your retirement plan.
With little time and savings, you could consider delaying retirement to give yourself a longer runway. In fact, 70% of U.S. adults over the age of 50 said they have considered delaying retirement, according to F&S Annuities (5). Nearly 23% said they are definitely pushing the date back.
If you reschedule your retirement from the age of 62 to 67, you could give yourself five extra years of income, savings and compound growth to expand your nest egg further. For many seniors, this extra boost can make a big difference. It can also unlock another catalyst for financial security: higher Social Security benefits.
Although manny of your peers may be eager to claim Social Security benefits as early as possible, delaying your claim until full retirement age can let you get 100% of your benefits every month.
Delaying further gives you additional credits that can enhance your financial security. For instance, if your full retirement age is 67, delaying until 70 could expand your monthly payout by 24% (6). For seniors with little to no independent savings, this double-digit boost can make all the difference.
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AARP (1); Primerica (2); Federal Reserve Bank of St. Louis (3); The Harris Poll (4); PR News Wire (5); Social Security Administration (6)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
