If you’ve hit your 50s or 60s with little in your retirement savings account, you’re not alone. Nearly half of Americans approaching retirement age have saved little to nothing. It’s a frightening reality, but it doesn’t mean you’re doomed to work forever or live in poverty.
While the financial industry often emphasizes decades of planning and diligent saving, life isn’t always that neat. People lose jobs, support families, face medical emergencies, or simply don’t learn smart money habits early enough. The good news? All hope is not lost. Even if you’ve been “bad” at saving, there are still practical, empowering ways to retire with comfort, confidence, and dignity. Here’s how to make the most of what you’ve got, starting now.
Reimagine What Retirement Looks Like
First, let go of the outdated fantasy of retirement as an endless vacation on a beach. Today’s retirement can be more flexible, with part-time work, community involvement, or small business ventures. Reframing retirement as a phase of reinvention rather than total withdrawal can reduce financial pressure while keeping you mentally and socially engaged. This doesn’t mean settling. It means choosing a version of retirement that fits your reality and still allows for freedom, purpose, and rest.
Delay Social Security (If You Can)
One of the most powerful levers you still have is delaying your Social Security benefits. For every year you wait past full retirement age (up to age 70), your benefit increases by about 8%. If you can work a few extra years or even just delay claiming benefits while tapping other income, you can lock in a significantly higher monthly payment for the rest of your life. That one decision can bridge a lot of financial gaps over time.
Downsize Without Downgrading
Your house may be your biggest asset…and a major source of unnecessary expenses. Downsizing to a smaller home, renting, or moving to a lower-cost area can free up equity, cut maintenance costs, and lower your property taxes. Retirement doesn’t have to be about cutting back to bare bones. It’s about being strategic. Think of downsizing as a way to buy freedom, not sacrifice comfort.
Make Use of Catch-Up Contributions
If you’re over 50 and still working, the IRS allows you to make “catch-up” contributions to retirement accounts. As of 2025, you can contribute an extra $7,500 annually to a 401(k) and $1,000 more to an IRA. This is a smart way to turbocharge your savings in the final stretch. If you have fewer expenses—say, your kids are out of the house—it’s a great time to reroute that cash into your future.
Look Into Low-Cost, Flexible Living Options
Retiring comfortably doesn’t have to mean staying put. Many retirees are embracing house-sharing, RV living, or even retiring abroad in countries where the cost of living is dramatically lower. This shift can stretch your dollars significantly while offering new experiences and community. Countries like Mexico, Portugal, and Costa Rica are popular among U.S. retirees for their affordability and healthcare options.
Monetize Skills You Already Have
Even a small amount of supplemental income can make a big difference in retirement. Whether it’s tutoring, consulting, freelancing, or turning a hobby into a side hustle, the gig economy offers flexible ways to earn without burning out. The goal isn’t to replace your full-time job. It’s to create a modest income stream that reduces how much you need to pull from savings or benefits each month.
Eliminate High-Interest Debt First
If you’ve been bad at saving, chances are you may also have some lingering debt. The fastest way to give yourself financial breathing room in retirement is to aggressively pay off high-interest credit cards or loans. Start with a debt payoff plan, either the snowball or avalanche method, and aim to be debt-free by the time you retire. Every dollar you don’t owe is a dollar you can spend or save.
Consider a Hybrid Retirement
Hybrid retirement—working part-time while collecting Social Security or using savings—can bridge the gap between full-time work and full-time rest. This might look like consulting, seasonal jobs, or starting a small business you enjoy. Even earning $1,000–$2,000 a month for a few years can significantly extend the life of your retirement income. Plus, it can provide a sense of purpose and structure during the transition.
Seek Help from a Fiduciary Financial Advisor
If you’re navigating retirement planning late in the game, don’t go it alone. A fiduciary financial advisor—someone legally obligated to act in your best interest—can help you make smart, personalized decisions. They can help you figure out the best time to claim Social Security, how to withdraw from retirement accounts tax-efficiently, and how to protect yourself from outliving your money. It’s an investment in peace of mind.
It’s Never Too Late to Get It Right
So maybe you didn’t save “enough.” Maybe you made some financial missteps. You’re not alone, and you’re not out of options. Retirement can still be meaningful, secure, and even joyful with the right combination of strategy, mindset, and support. The key is to act now. Get honest about your finances. Start making small but consistent changes. Seek guidance. And above all, don’t buy into the belief that it’s too late for you.
What does a “comfortable” retirement look like to you, and what’s one step you can take toward it today?
Read More:
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 nine years of writing experience. From personal finance to travel to digital marketing to pop culture, she’s written about everything under the sun. When she’s not writing, she’s spending her time outside, reading, or cuddling with her two corgis.