Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTJessica WongWed, June 24, 2026 at 1:00 PM GMT+2 4 min readPicture this. Steve, a 60-year-old retail worker, has managed to save about $5,000 in a Roth IRA while earning a low wage and struggling to get ahead. With retirement coming up quickly, Steve is wondering what many older workers also are worrying about: Is it too late to turn things around?The reality is sobering but not hopeless. While catching up to traditional retirement savings targets may be out of reach, there are still some strategies he can take that can improve his retirement security over the next decade.Must ReadRobert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — here are 5 ways to build wealth like a landlord without actually being oneMillionaires under 43 hold only 25% of their wealth in stocks. Here’s where their money is actually goingMillions of older Americans are approaching retirement with limited savingsSteve isn’t alone in his situation.According to the Federal Reserve’s most recent Survey of Consumer Finances (1), only 54% of Americans held retirement account assets in a 2022 survey.Social Security remains the main source of retirement income for millions of retirees. The Social Security Administration estimates that over 72 million people (2) received benefits in 2024, with 55% of the beneficiaries being women.Workers in lower-paying industries such as retail, hospitality and food service are especially at risk, where employer-sponsored retirement plans are often limited or nonexistent.A recent Gallup survey found that about 69% of non-retired Americans (3) worry they won’t have enough money to live comfortably in retirement, highlighting growing anxiety about rising housing, healthcare and everyday living costs.Being 60 with only a few thousand dollars saved puts you behind, but it doesn’t mean you can’t start saving now.Read More: Here are 4 fixed costs Americans constantly overpay for. How many are sabotaging your budget?Here’s what you can focus on nowInstead of chasing risky investments and trying to build a six-figure nest egg overnight, you can consider homing in on some more reliable ways to boost your retirement security:Pay down high-interest debt first: Credit-card balances charging 20% or more can drain your finances quickly. Prioritize paying off expensive debt.Build an emergency fund: Even setting aside a few hundred dollars a month can help prevent unexpected expenses, such as a car repair or medical bill, from ending up on a credit card and adding to debt, according to the Consumer Financial Protection Bureau. (4)Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info