I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 3 of the easiest ways you can catch up (and fast)

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So, you’ve left planning for your golden years to the mid-century mark — don’t worry. You’re not the only one.

A March 2023 survey from investing firm Schroders shows that 59% of working Americans over the age of 45 expect to have less than $500K saved by the time they retire even though they believe it will take $1.1 million to retire comfortably.

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According to a 2023 report by Fidelity Investments, the average American has saved around $175,300 for retirement by age 50. This is pretty far off from the $1.1 million they expect to need.

Even if you are one of the many Americans falling short of what you expected to have stashed away for retirement by now, you still have options — so get moving toward your retirement goals now.

Pay off your debts

Before you start putting some funds aside, make sure you’ve either settled or have a plan for settling all your debts.

This could include credit card debt, the mortgage on your house or the remaining balance on your student loan.

If you’ve got multiple lines of credit to take care of, look into your options and start reducing your debt load. You could try negotiating with your lender or consider a debt consolidation plan that keeps you on track and with a lower interest rate.

Credible is an online marketplace of vetted lenders where you can shop around for debt consolidation loans to make the task of cutting down your debt manageable.

After answering a few simple questions about your finances, Credible will provide you with a list of loan rates from top lenders within minutes. You can decide which works best for you and compare loans all in one place.

Get tailor-made financial advice

Planning for your retirement is no small feat, which is why having an expert’s guidance is essential if you want to catch up on your savings.

Oftentimes financial advice comes with its own baggage — whether it be high fees or lack of expertise in certain areas. But with WiserAdvisor, you won’t have this problem.

WiserAdvisor is a free matching service that helps you find a financial adviser that can help you reach your financial goals by matching you with a pre-screened financial adviser from their database of thousands.

All it takes is a few minutes to answer some questions about yourself and WiserAdvisor will provide you with a personalized match of two to three advisers.

While most adviser matching services pair you purely based on your net worth and location, WiserAdvisor opts for a more personalized approach by having you describe your unique needs that a financial adviser can help with so you’re sure to find just what you need.

Read more: Generating 'passive income' through real estate is the biggest myth in investing — here’s how you can do it in as little as 5 minutes

Find alternative sources of income

Instead of just stashing a bit of money from your paycheck into your savings account, consider investing it instead.

By investing in private assets through Fundrise, you can diversify your portfolio and enjoy new streams of passive income.

Fundrise is an investment platform that helps you build a portfolio from a wide range of private assets, so you can pick ones you’re actually interested in.

After you place your first investment, Fundrise will work to find and add new assets to your portfolio over time. This means no additional work is required on your end to ensure your portfolio is well diversified.

Commercial real estate is another good investment option,recognized for adding stability to your investment portfolio. But historically, this asset class has been reserved for elite investors.

However, RealtyMogul is changing this.

RealtyMogul’s investment platform gives you the tools and information needed to invest in property with high income potential without the stress of being a landlord. You can explore institutional-quality real estate opportunities and review their performance history before deciding where to put your money.

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