‘I had hoped to be retired’: 66-year-old still works 11-hour days with zero savings. Here’s how you can avoid this fate

O’Connor has no savings, 401(k) or even an emergency fund. She works two jobs, sometimes up to 11 hours a day.

“It’s been a matter of life and death,” she said, reflecting on her financial struggles. “I [had hoped] to be retired, playing the piano again, just enjoying my life.”

Instead, O’Connor sold her home and purchased a smaller one, which she shares with two other women.

Her story is not unique. In fact, it’s becoming increasingly common for Americans to continue working into their golden years. According to the Pew Research Center, approximately one in five Americans aged 65 and over were employed in 2023, a figure that has nearly doubled compared to 35 years ago (2).

These numbers suggest that saving for retirement isn’t just a good idea — it’s essential. And it’s never too late to start.

Here’s how to begin building your nest egg.

Track your accounts

One thing O’Connor could’ve done was to track her accounts, particularly her retirement savings, so that she knew what she had — and how far she needed to go.

If that seems like obvious advice, it might not be as obvious as you think. Not everyone knows how much they have in their accounts.

For example, data from the U.S. Census Bureau reveals a troubling trend: Nearly half of U.S. women aged 55 to 66 have no personal retirement savings. The figure is only slightly lower at 47% for men in the same age group (3).

In other words, nearly half of Americans approaching retirement have nothing saved up for it.

If that worries you, smart financial planning — particularly for retirement — begins with a quick daily check-in of your accounts, which can show you exactly where your money is going.

Track your finances

Checking in on your accounts can be easy with apps like Rocket Money, which allows you to easily track and flag recurring subscriptions, upcoming bills and unusual charges by pulling in transactions from all your linked accounts.

This can help you cut unnecessary costs, letting you manually redirect savings straight into your retirement fund. No spreadsheets, no guesswork, no stress. Small habits like this can make a big difference over time.

Rocket Money’s intuitive app offers a variety of free and premium tools. Free features include subscription tracking, bill reminders and budgeting basics, while premium features — like automated savings, net worth tracking, customizable dashboards and more — make it easier to stay on top of your retirement contributions and overall financial goals.

Let your spare change work harder for you

Tracking your finances can greatly increase your retirement investments — but it’s important to approach it strategically.

One easy way to make the most of any spare change you have burning a hole in your pocket is by automatically investing it with Acorns.

It works like this: you simply link your cards, and the app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your retirement fund.

For example, when you spend $2.45 on coffee, Acorns will automatically invest the 55-cent difference. These small amounts can add up over time.

Even better, you can get a $20 bonus investment when you sign up with Acorns.

Build a safety net

While the allure of growing your nest egg through investments is strong, you might want to consider establishing a solid financial cushion first.

In the interview, CBS highlighted that O’Connor lacked the savings needed for an emergency — a situation many Americans face. In fact, only 43% of American adults could handle an unexpected $1,000 expense with their savings, according to a U.S. News survey (4).

An emergency fund is vital for financial security, helping you avoid debt during challenges like job loss, medical bills or car repairs. The ideal amount depends on your personal situation, but financial expert Dave Ramsey recommends saving enough to cover three to six months of living expenses.

Make your emergency savings work harder for you

Another way to boost your emergency fund is with a Wealthfront Cash Account, which can help you earn up to 3.95% APY (base rate of 3.30% APY and a 0.65% boost for the first three months).

That’s just about ten times higher than the national average offered by traditional accounts, according to the FDIC’s January report.

The account also has no annual or maintenance fees and is insured by the Federal Deposit Insurance Corporation for balances up to $8 million.

Plus, you can get started with as little as $1.

Invest for retirement

Once you have that emergency fund going, it’s time to start maximizing your investments.

Investing plays a key role in retirement planning, helping your savings grow and compound over time.

However, there are important factors to consider. The first is your investment horizon. Longer timelines allow for higher risk, while closer retirement dates call for safer investments.

Understanding your risk tolerance is also crucial to ensuring your investments align with your comfort level and long-term goals.

Investment options such as stocks, bonds, ETFs and mutual funds come with varying levels of risk and growth potential. Stocks offer high returns but are subject to volatility. Bonds provide more stability but can still be affected by interest rate changes. ETFs and mutual funds offer diversification, which helps spread out risk, but it’s important to factor in any fees.

Get started with a discount broker

One of the easiest ways to invest is to open a self-directed trade account with SoFi.

SoFi Invest charges no commission fees and has no account minimum requirements — ensuring charges don’t eat away at potential returns.

The platform is also designed to help you learn investing as you go, with real-time investing news, curated content and the data you need to make smart decisions about the stocks that matter most to you. SoFi can even help you create a personal watchlist based on your interests.

The best part? For a limited time, you can earn cash bonuses up to $300 for setting up direct deposits.

Get expert advice

However, if you feel like making investments on your own is still a bit daunting, platforms like Moby can help you get the advice you need.