Mar 24, 2025
Many Americans are feeling anxious about having enough money to live comfortably in retirement. But are some people completely unprepared? And can the federal government lend a helping hand?
A survey of U.S. voters from asset management firm BlackRock found that one-third of respondents haven't saved anything for retirement. Even more alarming, half of those surveyed said they fear running out of money more than death itself, and more than half reported worrying about their finances daily.
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The bottom line? Many survey respondents (28%) feel working Americans lack the necessary tools and resources to save adequately for retirement, while the vast majority (80%) agreed the Trump administration and Congress need to focus on legislation to help people plan and save for their golden years. According to BlackRock, the benchmark for a secure retirement is now believed to be upwards of $2 million.
So, how can America confront these retirement challenges?
One surprising suggestion to confront this retirement crisis comes from BlackRock CEO Larry Fink, who says that Americans should reconsider the traditional retirement age of 65.
“No one should have to work longer than they want to, but I do think it’s a bit crazy that our anchor for the right retirement age — 65 years old — originates from the time of the Ottoman Empire,” Fink wrote in his 2024 annual letter to investors.
Choosing to delay retirement may be controversial, however, there are obvious advantages to waiting — not just to maximize Social Security benefits, but also to extend years of salaried income, at least for those able to keep working.
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As for government plans to help Americans save more for retirement, we’ll have to wait and see. In the meantime, here are steps you can take yourself to enhance your retirement readiness.
Max out your contributions
Open both a 401(k) and an IRA and plan to max out contributions in each, if financially feasible. Compounding gains from maxed-out accounts can significantly boost your savings. If you're over 50, take advantage of catch-up contributions.
It might not always be ideal to contribute to the limit. Ramsey Solutions, for example, advises maxing out contributions once you’re debt-free or have a high income.
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Diversify investments
Investing solely in traditional stocks and bonds can expose your portfolio to considerable risk, especially if the market takes a downturn near your retirement. Diversifying your portfolio helps mitigate this risk and stabilizes your finances through market volatility.
Consider incorporating real estate investment trusts, exchange-traded funds and broad-market index funds into your portfolio for added security and flexibility.
Explore alternative income streams
It might initially sound less appealing, but a side hustle during retirement can offer considerable financial relief and personal fulfillment.
Finding part-time work that aligns with your interests or professional expertise can provide an easy source of income in retirement. Freelancing or consulting roles can keep you engaged and financially secure.
Adapting your retirement approach now can make all the difference in securing a comfortable retirement, no matter how long your golden years may last.
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Chris Clark is a Kansas City–based freelance contributor for Moneywise, where he writes about the real financial choices facing everyday Americans—from saving for retirement to navigating housing and debt.
