Retiring but feeling insecure about what you’ve got saved to retire on? If the answer is yes, you would not be alone.
According to Bankrate’s 2025 Retirement Savings Survey, 3 out of 5 American workers feel behind on their savings (1), with more than half (59%) of boomers, those closest to retiring, also feeling behind.
And although most Americans think you now need $1.26 million to retire comfortably, according to Northwestern Mutual’s 2025 Planning & Progress Study (2), the average retirement savings is $537,560 for those aged 55 to 64, according to the Federal Reserve’s most recent Survey of Consumer Finances (3).
The figure increases to $609,230 for people aged 65 to 74, while those 75 or older have $462,410. Either way, the average retirement savings for boomer-aged Americans is, at most, half of what most people think they need.
But, the end of work does not have to mean the end of improving upon your financial situation. If you’re retiring with less than you want, here are five ways to make your retirement richer.
The most obvious way to become richer in your later years is, of course, to keep working.
It doesn’t have to mean full time, though. You could take on part-time work in the industry you retired from. If you’ve acquired a lot of knowledge or skills throughout your career, you could also look into consulting, which can be quite lucrative but typically requires relatively little hands-on, in-person work.
You could also start your own business, opt for a low-pressure side gig like dog walking or try to turn a hobby into a business — such as by selling handcrafts on Etsy or using a thrifter’s eye to become an eBay reseller.
Whatever approach you take, if you keep earning more, you’ll have more to spend —- which also means more to leave behind for the kids or grandkids.
Investing can help your money earn money for you. You can choose safe investments, like certificates of deposit (CDs) or bonds, but you won’t earn as high of a return. You can also put money into the stock market, or even consider alternative investments such as cryptocurrencies.
Keep in mind, though, that the higher the potential returns, the greater the risk you typically take. At this stage of life, you don’t have as much time to recover if an investment goes south. You can’t take on too many risks in the pursuit of wealth. As a rule of thumb, you should only invest in speculative — or volatile — investments if you can afford to lose everything you put in.
There are different definitions of what it means to be rich. If your goal is to have enough saved so you feel more secure or are able to leave a legacy, then one way to do this is by reducing your expenses.
If you cut your spending, you can withdraw less from your retirement accounts, so your money has more opportunity to grow. If you have enough money coming in from Social Security and a pension, you may even be able to keep saving and investing more so your nest egg grows instead of dwindling.
You can also look at cutting a big fixed expense to free up more cash. If you can downsize and cut your housing payment in half, for example, you may feel richer, because you’ll have more money to spend on whatever you want each month. Also, look into simply reducing monthly costs like those for car, home and health insurance premiums.
Along with downsizing, you can consider relocating to a area with a lower cost of living. Delaware, for example, was recently ranked among the most “financially supportive” states for retirees by Caring.com (4) for factors including lower grocery spend, no shopping tax and no tax on Social Security.
In addition, if you sell a house in a high-cost-of-living area and move to a lower-cost one, you could potentially get enough equity out of your old home to pay for your new place in cash. If you have any funds left over from that transaction, you could put them back into your investments to further grow them.
Of course, you’ll want to make sure any new place is a good fit, makes you happy and allows you to access the medical care you need and social activities you enjoy. Living richer isn’t always about money.
Finally, if your idea of being richer is never having to worry about running out of money, or about where your next payment is coming from, you could opt for an annuity.
Annuities can be complicated, and in comparison to other investments, they may have lower returns and higher fees. That being said, they do one thing well: They provide guaranteed lifetime income that won’t run out. For some people, the financial stability that comes from having a guaranteed source of funds is worth the cost of any downsides — and it makes them feel wealthier.
It can be beneficial to consult with a financial advisor before making a move like buying an annuity, or making a move across the country, to help ensure you meet your retirement goals.
Bankrate (1); Northwestern Mutual (2); Federal Reserve (3); Caring.com (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
