Majority of boomers and Gen X Americans wish they’d started saving for retirement 10 years earlier, study says. Here are 3 ways to catch up if you’re behind

Looking back, many baby boomers and Gen X Americans say they wish they’d started saving for retirement earlier, according to Fidelity Investments’ 2024 State of Retirement Planning study.

But it doesn’t mean you’re up the creek without a paddle if you’re starting late — though it will require some effort to catch up. Here are three ways you can build a nest egg as you get older so you’re prepared for retirement.

1. Maximize your contributions

The first step to getting on track is taking a solid look at your monthly income and expenses, and making some smart choices about where you can save. Once you’ve revised your budget, you can maximize those savings by contributing to your 401(k) — if that’s an option for you — and taking advantage of your full employer match.

For example, if you make $97,000 a year and contribute 15% to your 401(k), and your employer matches 50% of your contribution, you can end up with $880,811 at age 65 — which is equivalent to $592,761 in purchasing power today (assuming an annual return of 8%, an expected inflation rate of 2% and an annual salary increase of 2%).

You can play around with the numbers on a 401(k) calculator to see what works for you.

Another option is to contribute to an individual retirement account (IRA). With a traditional IRA, you contribute pre-tax dollars and then pay tax when you withdraw the money in retirement — presumably when you’re in a lower tax bracket.

A gold IRA is an alternative that offers the same tax benefits as a traditional IRA alongside the inflation-hedging properties of gold.

With a minimum investment of $10,000, you start your own self-directed gold IRA with Priority Gold — a trusted precuous metals dealer with an A+ rating from the Better Business Bureau — and work to diversify and stabilize your portfolio to secure your retirement fund.

With their fast customer service available by phone call and free guides to acquaint you with their offers, Priority Gold will not leave you stranded in the investing mines.

If you think this might be the right investment for your retirement nest egg, you can request a free guide to learn more.

2. Maximize your savings

As of 2021, householders aged 45 to 54 have the highest median income of any age group, at $97,089, according to census data. This makes sense because that’s when most people are in their peak earning years.

Many financial advisors recommend putting aside 15 to 20% of your income each year for retirement. So, if you’re bringing in a median income of $97,000 a year and saving 15% of it, you’d have $14,550 a year to contribute to your retirement savings. If you can live a bit leaner and save 20%, you’d have $19,400.

It’s important to make sure your savings have the chance to live up to their full potential. Consider opting for a Wealthfront Cash Account — to bulk up your retirement fund. With CDs, the money is untouchable until it's reached the end of its term, while with a cash account, you can earn high interest and still have access to your savings if you really need it.

Wealthfront is an online brokerage offering a range of products, from automated investing to cash accounts.

Their high-yield cash account offers 5.00% APY — that’s 10x the national average. You can fund your cash account with as little as $1 and start maximizing your retirement savings today.

3. Take a phased approach to retirement

The Fidelity study also found that “many Americans now opt for a non-traditional approach to retirement,” whether that’s continuing to work part-time in their golden years, or even starting their own business in retirement.