Mornings without alarms. Time to linger over coffee. And the freedom to enjoy life at your own pace.
That’s what retirement should feel like—peaceful, secure, and relaxing.
But for many nearing or already in retirement, this time of life can feel uncertain, especially where money is concerned.
The good news? It’s never too late to take control of your financial future.
Whether you’re refining your retirement planning or learning how to start saving for retirement, each smart move you make today can bring you closer to lasting security.
Below, we share the strategies, steady habits, and reliable financial tools to protect your assets, manage surprises, and grow your savings with confidence.
Get ready to enjoy the retirement lifestyle you’ve always envisioned!
The State of Retirement in the U.S.
The current U.S. retirement landscape is a bit of a mixed story. Some numbers paint an alarming picture, whereas others show more positive trends.
First, let’s look at the more sobering numbers.
One AARP survey shows that roughly 20% of Americans aged 50+ say they have no retirement savings, and 61% worry they won’t have enough money to last through retirement.
Interestingly though, personal savings and other income sources are not always considered when people think about retirement.
According to The Fed, 87% of Americans over 60 actually do have some form of retirement savings. In fact, for households over 65 with incomes above $25,000, about 90% have retirement resources.
In other words? Some Americans may be financially better off than they think.
Even if you’re not one of those people, retirement is very much achievable with careful retirement planning, consistent action, and the right financial products and tools.
We explore each of these strategies below.
The Foundation of a Secure Retirement
While it may sound cliché, strong retirement planning really does begin with simple, consistent steps.
Here are a few expert tips to help you get started, including how to start saving for retirement:
- Set clear goals: Research shows that clear retirement goals lead to better planning, and better planning leads to higher retirement savings. To set your goals, use tools like these interactive worksheets from the U.S. Department of Labor.
- Get (and stay) organized: Right from the get-go, keep all your important financial documents in one place. This way, you can easily track your accounts and make money-related decisions more quickly. It’s also helpful to have both paper and digital copies as back-ups.
- Start saving early: Even modest amounts saved in your 20s can grow significantly. That’s because, over time, compound interest helps your money earn money. Because balances increase steadily over the years, you will likely begin seeing noticeable retirement savings after age 35.
- Automate how you save: Automating savings can boost your retirement security. For example, if you have a 401(k), automating key parts like enrollment and contribution increases can help you save more consistently. This makes it easier to stay on track for a comfortable retirement.
- Control your spending and pay down debt: To be able to save, consider trimming unnecessary expenses. Meanwhile, reducing credit card or personal loan balances also frees up money for savings. To help you, check out Quontic’s free Spending Forecast Calculator and Debt Payment Calculator.
- Redirect extra funds: Receiving a raise, bonus or tax refund? Instead of going on a shopping spree, consider funnelling it straight into your retirement savings. Beyond regular contributions, making occasional top-up payments can yield big gains.
- Review your insurance coverage: You don’t want unexpected expenses like a natural disaster or a sudden medical diagnosis to derail your retirement plan. Ensuring you have solid home, health, and life insurance can help prevent major costs from eating into your later-in-life savings.
- Delay Social Security: Holding off on claiming benefits, even by just a few months, can significantly increase your retirement income. In fact, for every year you delay your benefits past full retirement age, you get a boost of 8% through age 70!
While these steps create a strong basis for a life of retirement, they’re really just the beginning. There are several other financial products and strategies designed to help you save, grow, and protect your wealth as you plan for the years ahead.
IRAs, 401(k)s, and Catch-Up Contributions
You may already have an IRA or a 401(k). Both are tax-advantaged accounts designed to help your savings grow over time, albeit in slightly different ways:
- With an IRA (Individual Retirement Account), you can personally invest each year in assets including stocks, bonds, ETFs, or mutual funds. Most retirees eventually withdraw from their IRAs to cover living expenses.
- Meanwhile, a 401(k) is an employer-sponsored retirement plan where a portion of your paycheck is automatically invested in similar assets as those above, often with employer matching. Many people roll their 401(k) into an IRA after leaving the workforce.
Both products have annual contribution limits. But if you’re 50 or older, you can boost your retirement savings with catch-up contributions.
Put simply, catch-up contributions allow you to put extra money into your IRA or 401(k) beyond the usual maximums, enabling you to make up for any saving you may have missed out on earlier in life, maximize your available income during retirement, and reduce your taxable income with traditional accounts.
As for IRA and 401(k) limits:
- For IRAs, the standard yearly contribution maximum is $7,000. But with a catch-up contribution, you can add an extra $1,000, totaling $8,000 per year.
- For 401(k) plans, the standard limit in 2025 is $23,500, with an additional $7,500 allowed as a catch-up, up to $31,000 per year. However, new “super catch-up” rules allow people aged 60-63 to contribute even more—up to $11,250, bringing your total contribution room to $34,750 each year.
Meanwhile, keep the following in mind:
- You don’t have to contribute the full catch-up amount if it doesn’t fit your budget.
- Employers are not required to match your catch-up contributions.
- Starting in 2026, if you make over $145K annually, any catch-up contributions to your 401(k) must go into a Roth account versus the traditional option—meaning your take-home pay may decrease in the short term.
Ultimately, understanding and taking advantage of catch-up contributions can give you a significant boost in retirement savings and more financial flexibility as you approach or enter retirement.
Other Financial Products To Maximize Retirement Savings
While IRAs and 401(k)s are fantastic for growing money and getting tax benefits, many retirees use the following additional tools to cover expenses, protect their wealth, and prepare for the unexpected.
Stocks and Bonds
Stocks. Bonds. Mutual funds. ETFs. They’re not just for IRAs or 401(k)s. They can also be held in regular, taxable investment accounts. Plus, they can play a major part in your retirement savings.
According to the Federal Reserve, 41% of adults aged 55–64 own stocks, bonds, or funds outside retirement accounts. That number jumps to 48% among those 65 and older.
But why? One of the biggest reasons is flexibility.
If you need quick cash to cover unexpected expenses or supplement your income, you can easily sell your investments and withdraw the cash at any time. You may need to pay some tax as you cash out—but unlike with IRAs or your 401(k), you won’t be penalized if you access those assets before age 60 (or, more specifically, 59 and a half).
Generally speaking, stocks can offer growth, bonds can provide more stability, and mutual funds or ETFs add variety. So be sure your portfolio represents a balanced mix. This will help your money grow over time, while softening the blow of market ups and downs.
Real Estate
Do you own a house? More than just a place to live, your home can provide income, build wealth, and offer financial flexibility later in life.
Today, many older adults can create a steady income stream and reduce expenses by renting out a family home or taking part in home-sharing programs. In fact, according to the American Association of Retired Persons, retirees aged 65+ who shared their homes with tenants averaged $1,787 per month in 2023.
If a lot of your money is tied up in your home, a reverse mortgage can also offer extra flexibility when you need cash for living expenses, medical bills, or other needs.
A reverse mortgage lets you borrow against your home’s value without having to sell or make monthly payments. As long as you pay taxes and insurance, you retain ownership and can stay in your home. The loan (including interest) must eventually be repaid, whether you move out, sell, or pass away—and any remaining home value goes to you or your heirs.
Essentially, homeownership acts like a form of “forced savings.” Over time, your house can build equity and grow in value, helping you strengthen your financial foundation.
In fact, the median net worth of U.S. homeowners is about $430,000, compared to just $10,000 for renters—clear proof that owning property can greatly boost your retirement wealth.
Savings Accounts and CDs
High-yield savings accounts (HYSAs) and certificates of deposit (CDs) provide two simple, low-risk ways to grow your money while keeping it accessible throughout your retirement.
HYSAs are a modern type of savings account. They offer higher interest rates than traditional accounts, often with compounding, which helps your money grow faster.
Many HYSAs can be opened with as little as $100. Plus, they’re FDIC-insured up to $250,000—giving you peace-of-mind as well as anytime-access to your funds.
Certificates of deposit provide a different, but predictable, approach. With a CD, you deposit money for a fixed period and earn a guaranteed interest rate. That fixed period could be a few months or even up to 10 years. The longer you lock it in, the higher the rate you’ll be offered.
Not sure which strategy is right for you? It really depends on your retirement goals and how much flexibility you need.
HYSAs are great for money you might need to access quickly. But if you can leave your funds untouched for a set period, CDs can be a smart choice—especially given that you’ll be rewarded with a fixed return. Just keep in mind that withdrawing early from a CD may trigger a small penalty or loss of interest.
Ideally, using both tools in combination can help you balance security, predictable growth, and liquidity in your overall retirement strategy.
From Planning to Peace of Mind: Your Retirement Journey Starts With Quontic
Now that you know how to save for retirement, remember every intentional choice, every dollar saved, and every step forward can move you closer to greater comfort and freedom in the years ahead.
Millions of Americans have proven that it’s possible.
Indeed, through steady progress, smart retirement planning, and tools like IRAs, 401(k)s and personal savings, their small, incremental actions have added up to lasting financial security.
At Quontic, we’re proud to be your partner on your retirement journey. From high-yield savings accounts and certificates of deposit to personalized guidance and more, we deliver the stability and peace of mind you’ve worked so hard to earn.
Get started with Quontic today and begin building the financial confidence that will help you enjoy your retirement years to the fullest!