A growing number of America’s workers are now working past 75, and not just because they’re short on savings — 3 ways to boost your nest egg so you can retire sooner

Moneywise
A growing number of America’s workers are now working past 75, and not just because they’re short on savings — 3 ways to boost your nest egg so you can retire sooner
A growing number of America’s workers are now working past 75, and not just because they’re short on savings — 3 ways to boost your nest egg so you can retire sooner

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American politicians aren’t the only ones working well into their 70s and beyond.

Increasingly, people much older than the traditional retirement age of 65 are forgoing days on the golf course for extra days at the office.

Data from the U.S. Bureau of Labor Stastics (BLS) shows number of people in the labor force who are 75 and older grew 53.7% from 2010 to 2020, and is projected to grow 96.5% between 2020 and 2030.

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A key reason behind the spike is that people are aging better than in the past, Geoffrey Sanzenbacher, an associate professor of economics and a research fellow with the Center for Retirement Research at Boston College, told AARP.

That’s the good news. The bad news is that many seniors don’t have the retirement savings they thought they’d have.

The recommended savings for retirement is six times one’s current income at age 50, according to a 2020 report by the Joint Economic Committee.

To put things in perspective, the current average income earned by workers in the 45-54 age bracket is $64,428, according to newest BLS numbers. But the median retirement account balance is just $88,000 for those Americans ages 55-64 who currently have retirement savings, the conmmittee report shows.

If you’re approaching retirement and have found yourself in the same situation as many other Americans, here are three ways to boost your nest egg.

Saving enough for retirement is a growing challenge

The bad news is that many seniors don’t have the retirement savings they thought they’d have.

Only 35% of Americans between the ages of 55 and 64 — those nearing traditional retirement age — have a pension or retirement savings held in a 401(k) or IRA, according to a report by the Joint Economic Committee in 2020.

If you’re approaching retirement and have found yourself in the same situation as many other Americans, here are three ways to boost your nest egg.

Diversify your investment portfolio

Adding some diversity to your investment portfolio can make your returns more consistent and bulk up your savings – and real estate is one asset that’s known to do both.

Commercial real estate in particular has outperformed the S&P 500 over a 25-year period, but it has historically always been reserved for few elite investors. With First National Realty Partners (FNRP)* individual investors can access institutional-quality commercial real estate – without the legwork of finding the deals on their own.

FNRP also makes the process of investing in commercial real estate convenient and simple. Investors can engage with experts, explore available deals, and easily make an allocation – all within FNRP’s secure, personalized portal*.

Invest in gold

Because gold’s purchasing power remains stable over time, putting your retirement savings in a gold IRA is another solid way to boost your nest egg.

American Hartford Gold* is a reputable precious metals dealership offering IRAs and direct purchase of precious metals and coins.

While inflation has increased everyone’s expenses, precious metals make a great hedge and offer unique tax advantages — so a gold IRA might be a suitable way to preserve and grow your retirement fund*.

Read more: Retire richer — why people who work with a financial advisor retire with an extra $1.3 million

Get expert advice

If you’re uncertain of which steps you should take to boost your retirement savings, you may want to consider consulting a professional for help.

Sifting through a sea of online financial information and advice can be overwhelming, but WiserAdvisor* is a free matching service that helps you find a pre-screened financial adviser from their database of thousands.

While other financial adviser matching services might pair you purely based on your net worth and location, WiserAdvisor takes a more personalized approach by having you describe your unique needs* and finding you a match most suited to your situation.

Retirement planning is no small feat, so expert advice could give you peace of mind as you prepare for a new chapter.

Optimize your savings

Holding onto some cash is always a good idea, but it's also important to make sure your cash is able to grow at an optimal rate.

If you’re wondering whether your current bank is offering you the best rate for your savings, consider browsing some of this year’s top high-yield savings accounts*.

A high-yield savings account could deliver returns of over 4%*, while the U.S. Bank's standard savings APY is 0.01%.

It’s important to note that some high-yield savings accounts may come with a minimum deposit requirement, or a required minimum account balance. That’s why it’s always a good idea to compare a variety of banks to find the best option* for you.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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