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Marie Alcober
Updated Jul 10, 2026
About 20% of Americans aged 50 and older have nothing saved for retirement — but it's not too late.
Increase your retirement contributions in tax-advantaged accounts. Vanguard's Digital Advisor can build and manage a low-cost diversified portfolio for you.
A fixed annuity can be part of your catch-up strategy, letting a portion of your savings grow at a guaranteed rate with no market risk. Gainbridge, for example, offers up to 5.45% guaranteed.
You might be approaching your 50s, and your retirement savings aren't where you'd like them to be.
You're not alone. About one in five Americans age 50 and older has no retirement savings, according to AARP.
That can feel daunting, especially when surveys suggest Americans believe they'll need well over $1 million to retire comfortably.
But here’s the good news: For many people, their 50s represent their highest-earning years.
Americans aged 45 to 54 bring in the highest median earnings of their careers, roughly $1,376 per week, according to the Bureau of Labor Statistics.
If you're behind where you hoped to be, you still have options — and the potential income to act on them.
Use catch-up contributions — and automate the process
When you have 30 years to go, you can absorb a few mistakes. With 10 or 15, every move counts.
Fortunately, the tax code works in your favor in this situation. The IRS allows workers 50 and older to make additional catch-up contributions to their retirement accounts, so you can shield more of your peak earnings from taxes than younger savers can.
If you want a hands-off approach to investing those catch-up contributions, Vanguard's Digital Advisor puts the investing expertise of one of the world's largest asset managers right at your fingertips.
It takes the guesswork out of investing by building a personalized portfolio for you using Vanguard's well-known low-cost ETFs and mutual funds — then keeps things running smoothly with automatic rebalancing.
The platform also offers guidance on saving for retirement and lets you set additional goals as your life evolves.
It can even help you think through debt repayment strategies, potentially freeing up more cash to invest toward your long-term plans.
With a minimum investment of just $100, it's an easy way to get started with professionally guided investing.
For every $10,000 in an all-index portfolio, you'll pay approximately $15 to $16 per year.*
You can even test-drive the Vanguard experience with no advisory fees for the first 90 days.
If you'd rather skip picking a provider-managed portfolio altogether, Acorns offers a simpler, lower-commitment way to stay consistent.
Platforms like Acorns round up your daily purchases to the nearest dollar and invest the spare change automatically — no portfolio decisions required.
Acorns matches you with one of five automated portfolios designed to align with your financial goals.
Beyond its round-up feature, you can set up recurring contributions in just three minutes and keep your nest egg growing on autopilot, all without the temptation to second-guess or time the market.
Plus, as a Moneywise reader, you get $20 when you set up a recurring deposit.
Cut your fixed bills and redirect the difference
Every dollar you're overpaying on a recurring bill is a dollar that isn't compounding in your retirement accounts. During your peak earning years, trimming fixed expenses is one of the fastest ways to free up cash without changing your lifestyle.
Car insurance is a classic example. Many drivers don't comparison shop regularly — and insurers count on that loyalty.
A platform like Insurify lets you compare 100+ real-time quotes from top-rated providers in about three minutes, making it easy to see whether you're overpaying for the same coverage.
It's free to use, and drivers who bundle home and auto coverage can save up to 15%. That freed-up cash can go straight into a retirement account.
Just answer a few basic questions, and Insurify will show you the most affordable deals in your area.
Protect your portfolio with hard-asset hedges
A compressed timeline means less room to absorb a bad year in the market. Building in some protection — beyond stocks and bonds — makes sense when you're closer to the finish line.
Gold has been a go-to hedge for centuries. It isn't tied to any single currency or government, and it can't be printed. That independence is why investors tend to rotate toward precious metals during periods of economic or geopolitical uncertainty.
Gold prices rose more than 80% year to date in 2025, setting multiple record highs along the way.
One way to add this protection to your portfolio while preserving tax advantages is a gold IRA.
Companies such as Preserve Gold can help you open one — a specialized retirement account that holds physical precious metals.
New clients can also receive a free guide detailing how to get up to $20,000 in cashback on qualifying purchases.
Adding a hedge is one move. Knowing whether your overall portfolio is actually built to handle the years right before retirement is another — and it's harder to judge on your own.
A fiduciary financial advisor can look at your full picture — retirement accounts, cash reserves, hedges like gold, and everything else — and tell you whether your catch-up strategy is on track or too exposed to market swings this close to the finish line.
A fiduciary is legally required to act in your interest, which matters when the advice concerns how much risk you should still be carrying.
Platforms like Advisor.com can quickly match you with fiduciary professionals from their network of advisory firms and boutique local advisors who can help you stress-test your plan.
How to get matched with an advisor:
- Answer a few quick questions about yourself and what you would like help with through their online form.
- Advisor.com will match you (for free) with a vetted advisor who can provide you with a personalized plan to meet your financial goals.
- Book a free, no-obligation consultation to see whether their approach and pricing model make sense for you.Put your cash to work without taking on more risk
Put your cash to work without taking on more risk
Not every dollar earmarked for retirement belongs in the stock market. If you expect to need certain funds within the next few years, preserving principal may be just as important as growing it.
Traditional savings accounts continue to offer relatively modest returns, which can make it harder for cash to keep pace with inflation over time.
Certificates of deposit (CDs) can provide a middle ground. By locking in a fixed interest rate for a set period, you can earn a predictable return without taking on market risk.
Before opening a CD — or renewing an existing one — a quick check on this CD APY Checkpoint Tool by CD Valet can help you see whether you're getting a competitive rate.
Their platform tracks over 40,000 verified CD rates from FDIC-insured banks and NCUA-insured credit unions nationwide, making it easy to see how your current rate stacks up against the market. Unlike other websites, they give you a broader and unbiased look at the market, ensuring you have a comprehensive view of your options.
Simply enter your current APY and term length to compare your CD against today's market benchmarks in seconds.
You can also see real-time offers of the best CD rates across the country. Many institutions allow you to open an online account, so you can take advantage of a great CD rate without being located in that state.
Plus, their CD rates are updated continuously, so you can shop, compare and open CDs with ease.
If you want a rate that can beat the average CD, a fixed annuity works similarly — you make a lump-sum deposit, and an insurance company guarantees a fixed rate of return for a set term.
A provider like Gainbridge currently offers rates up to 5.45%, more than 3x the national CD average, with built-in principal protection.
Unlike a bank CD, Gainbridge lets you withdraw up to 10% of your balance each year with no penalty, and there are no hidden fees or commissions. Terms range from 3 to 10 years, with a $1,000 minimum to open.
Just answer a few questions to see your guaranteed rate and open an account online in minutes.
Use your home equity to eliminate high-interest debt
If you've been paying your mortgage for 15 to 20 years, you've built up real equity. If you're also carrying high-interest debt — credit cards, personal loans — those interest payments are quietly draining the budget you need for retirement.
Consolidating that debt with a home equity line of credit (HELOC) can significantly cut your rate, reduce your monthly obligations and free up cash to redirect toward savings. You're using what you already own to get ahead.
Platforms like Amerisave offer competitive HELOC options that let you tap your equity without touching your primary mortgage rate. It's one of the more underused levers available to homeowners in their peak earning years.
It’s well-suited for homeowners who want a mostly online, low-friction experience from a well-known mortgage lender. However, it's important to evaluate the risks carefully since your home serves as collateral.
Make sure your retirement plan protects the people who depend on you
Building retirement savings isn't just about providing for yourself. If you're married or supporting family members, it's also about making sure they're financially secure if something unexpected happens.
Many couples build their retirement plans around two incomes, two Social Security checks and shared savings goals. Losing one partner can create real financial strain — especially with a mortgage still to manage, debts to pay or income that needs replacing.
That's where life insurance fits in. A policy ensures your loved ones have the financial support to cover major expenses and maintain their lifestyle if you're no longer there to contribute.
For adults in their 50s, term life insurance is often the most affordable way to secure that coverage during the years leading up to retirement.
Online insurers like Ethos offer fast, competitive quotes for term coverage tailored to your specific needs, with terms ranging from 10 to 30 years.
The application can take as little as 10 minutes. Most applicants won’t need blood work or an in-person exam — just answer a few basic health and lifestyle questions.
Using real-time data, Ethos can often deliver an instant quote and, in many cases, same-day approval. You may be able to get up to $2 million in coverage, starting at just $2 per day.
Let your home supplement your retirement income
For homeowners thinking further ahead, your property can play a different strategic role once you reach retirement age.
If you're at least 62, a reverse mortgage lets you convert a portion of your home equity into cash — without selling the property or making monthly loan repayments.
You can take the funds as a lump sum, a line of credit or fixed monthly payments. The loan is repaid when you sell the home, permanently move out or pass away.
It's not the right move for everyone, but for late-stage savers who need to supplement income in retirement without liquidating investments, it's a meaningful option worth understanding.
Companies such as Longbridge can help you explore what this could look like for your specific situation.
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Vanguard Digital Advisor is an all-digital service. Digital Advisor charges brokerage accounts an annual gross advisory fee in the amount of 0.20% for an index portfolio option or 0.25% for an active portfolio option. That gross advisory fee is reduced by a credit of the actual revenue The Vanguard Group, Inc. ("VGI"), or its affiliates retain from investments in each enrolled account, resulting in a net advisory fee. The net advisory fee is the actual fee collected from your account(s) and will vary based on your unique asset allocation, portfolio option, account type, and specific holdings in each enrolled account. Note that this fee doesn't include investment expense ratios charged by a fund, such as fees paid to the funds' third-party managers which are not credited. While we generally recommend using low-cost Vanguard funds to build your portfolio, actively managed funds will have higher expense ratios than index funds. For more information on the services, find VAI's Form CRS and each program's advisory brochure here for an overview.
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Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund’s prospectus. Read them carefully before investing. This marketing was vetted by the Moneywise team and sponsored by the Fundrise Flagship Fund.
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The Base Annual Percentage Yield (APY) is 3.30%, as of 01/30/26, and is subject to change. If you are eligible for the overall boosted rate of 4.05% offered in connection with this promo, your boosted rate is also subject to change if the base rate decreases during the three-month promotional period. The Cash Account is offered by Wealthfront Brokerage LLC, Member FINRA/SIPC. Wealthfront is not a bank. The Base APY is representative, subject to change, and requires no minimum. Wealthfront Brokerage sweeps cash balances to Program Banks, where it earns the variable base APY and is eligible for FDIC insurance. Instant withdrawals may be limited by your receiving firm and other factors. Investment advisory services provided by Wealthfront Advisers LLC, an SEC-registered investment adviser. Securities investments: not bank deposits, bank-guaranteed or FDIC-insured, and may lose value.
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Based on the national average savings accounts interest rate of 0.39% as posted on FDIC.gov, as of March 16, 2026. Wealthfront doesn't charge wire fees for transfers to title and escrow companies or your accounts at other institutions, but the receiving entity or institution may charge a fee. For more wire info, visit wealthfront.com/transfer-agreement.
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The Direct Deposit Plus Investing Program ("DDI Program") from Wealthfront Advisers LLC and Wealthfront Brokerage LLC (collectively, "Wealthfront") provides eligible clients a 0.25% annual percentage yield ("APY") increase above the current base APY (paid by Program Banks) on total eligible Cash Account balances. Wealthfront may change or end the program at any time and determines eligibility at its discretion. See Terms and Conditions at wealthfront.com/promo-terms.
Marie Alcober
Commercial Content Manager
Marie Alcober is a commercial content manager at Moneywise, where she develops branded and affiliate content that helps readers make smarter money decisions.
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