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Retirement Crisis: Why Most Americans Feel They'll Never Retire and 4 Ways to Change That

D-Keine/Getty ImagesIf retirement feels out of reach for you, you're not alone. Recent surveys show that 68% of Americans aren't sure they'll ever be able to retire, and 79% of Americans say the country is facing a retirement crisis. A majority of Americans say today’s financial environment makes long-term planning feel out of reach, as economic uncertainty reigns.Unfortunately, these fears reflect reality. Nearly 27% of people ages 65 to 74 were still in the workforce in 2023, up from 21.4% in 2003. That participation rate is expected to grow to 30.4% by 2033. In fact, people ages 75 and older are the fastest-growing age group in the workforce, more than quadrupling in size since 1964, according to Pew Research Center.But if you want to retire, joining that cohort doesn't have to be your fate. Below, we take you through four effective strategies to boost your retirement readiness.Key TakeawaysMost Americans (68%) are uncertain about their ability to ever retire.Experts say people tend to underestimate how long they'll live and how much money they'll need in retirement.Financial advisors recommend four specific strategies to improve retirement readiness, even for those who feel they're starting late.Start With a Reality Check"Most folks underestimate how long they'll live and how much income they'll need in those later years," said Douglas A. Boneparth, president of Bone Fide Wealth in New York and a member of Investopedia's advisor council. "Health care costs, long-term care, and even just rising rent or property taxes can blow a hole in a plan. Add in sequence-of-returns risk (if the market tanks just as you're pulling money out), and suddenly what looked comfortable on paper feels precarious."Before settling on a retirement strategy, you'll want to honestly assess where you stand now. Calculate the percentage of your income you're putting toward your retirement and determine how much income you may need to replace in retirement. Experts typically recommend aiming to replace between 70% and 90% of your pre-retirement income. Use retirement calculators to gauge how prepared you are.1. Create a Zero-Based Budget"I always start with a zero-based budget: Every dollar of income gets assigned a job, whether it's groceries, mortgage, or retirement," Boneparth said. "That transparent plan helps clients see where they can trim 'fun money' without feeling deprived, so they can redirect those savings into a 401(k) or IRA."Unlike traditional budgeting that starts with previous spending patterns, zero-based budgeting begins each month from scratch. This forces you to intentionally allocate every dollar of income to specific categories—including retirement savings—before it's spent elsewhere.2. Maximize Tax-Advantaged OptionsMany people miss chances to take full advantage of tax-advantaged plans like 401(k)s and individual retirement accounts (IRAs).Health-savings accounts (HSAs) offer a "triple tax break," Boneparth said. Contributions are pre-tax, growth is tax-free, and withdrawals for qualified medical expenses remain untaxed—and once you hit 65, you can use HSA dollars for non-medical expenses penalty-free, he said. He also recommends considering converting traditional IRAs to Roth IRAs in low-income years. "Converting some pre-tax balance to a Roth when taxable income dips can reduce future RMD [required minimum distribution] headaches," he said.If you're 50 or older, consider taking advantage of catch-up contributions, which enable you to make additional contributions beyond the standard annual limits.3. Use the Bucket or Glide-Path Approach"First, shore up your 'safety bucket.' Make sure you've got two to five years of living expenses in cash or short-duration bonds, so you don't have to sell stocks at a loss," Boneparth said. He adds that "bucket or glide-path approaches" are valuable because "automating a shifting allocation over time helps clients stay invested through volatility without the urge to pull out at the wrong moment."A bucket strategy divides your investments into different time-based segments—immediate needs (cash), medium-term goals (bonds), and long-term growth (stocks). This approach provides some comfort during market downturns since you know your immediate expenses are covered, allowing your longer-term investments time to recover. Glide-path strategies automatically adjust your asset allocation as you age, gradually becoming more conservative while maintaining the potential for growth.Even a small increase in your retirement contribution rate—just 1% to 2% annually—can add more than tens of thousands to your retirement nest egg over time, thanks to the power of compound growth.4. Consider Changes to Your Social Security PlansIf you are in a position where you have to postpone retirement, there is a silver lining. Delaying taking your Social Security benefits, if you can, means higher payments when you do elect to begin taking them. "Even a few years' delay can bump your benefit by 8% per year, effectively a guaranteed 'investment' with inflation protection," Boneparth said.The Bottom LineTaking control of your retirement planning isn't just about financial security—it's also about having some peace of mind in uncertain times. These four strategies can help you build both financial resilience and the confidence that your retirement remains achievable, even when the economic landscape makes that seem further off than before.
Should You Invest in the Market During Retirement?

Fact checked by Suzanne Kvilhaugshapecharge / Getty Images Retirement isn't the time to forget about your investing strategy—here's what you should do instead.Retirement may be a time to relax and enjoy life without job commitments. However, it's not the time to put your investments on auto-pilot.You'll want to stay on top of your investment strategy to ensure you don't run out of money in retirement.Key TakeawaysStaying invested in the market during retirement can help you generate income, grow your wealth, preserve capital, and manage risk.Investing in index funds can be smart during retirement; active trading may be too risky.Rebalance your retirement portfolio at least once a year to keep your investments aligned with your financial goals.Define Your Retirement Investment GoalsThe first thing you'll need to consider are your investment goals in retirement. Since you won't be working, you'll need a plan for how you'll cover your essential and discretionary expenses. You'll also want to prevent your money from running out.For most retirees, that means continuing to invest in a way that provides income and keeps their wealth growing—while preserving their capital.Another goal should be to define the risk you can tolerate in your quest to increase the value of your account(s). Less aggressive investing usually means less risk of losing money, but a lower return.Your risk tolerance in retirement can help you determine the right asset allocation for your portfolio."In retirement, your money needs to do three things: generate income to cover living expenses now that paychecks have stopped, preserve capital because your hard-earned nest egg must last for decades, and manage risk," says Alvin Carlos. a financial planner and managing partner at District Capital Management."You don't want to be in a situation where you are forced to sell at a loss during a stock market downturn."The Case for Investing During RetirementAs noted, keeping your money invested throughout your retirement years can generate income that you'll need and increase the value of your savings."Staying invested helps your money keep working for you. A good portfolio provides income through dividends and interest, while also offering growth to fight inflation and extend the life of your savings," Carlos advises. "Retirement can last 30+ years." Review Your Asset AllocationHaving an asset allocation of stocks and bonds is a good way to structure your retirement portfolio."It’s really important to remain invested in the market during retirement, having a balance of both stocks and bonds," says Carla Adams, a certified financial planner and founder of Ametrine Wealth."Keeping your portfolio in all cash and/or bonds throughout retirement will cause you to lose purchasing power over time due to inflation. You need your portfolio to continue to grow to provide a steady, inflation-adjusted cash flow stream in retirement. I view stocks as providing growth in the portfolio and bonds as providing stability in the portfolio."Focus on Index InvestingPassive investing is usually a good strategy at this stage of life. In contrast, actively trading stocks may involve too much market volatility and thus be too risky for people who don't have the time horizon to recover from losses."Passive investing involves the use of low-cost index funds. It is usually the best fit for retirees. It’s simple, cost-effective, and reduces the risk of emotional decisions," Carlos says."Active trading involves constantly buying and selling individual stocks or funds. It’s time-consuming, stressful, and often leads to underperformance."Rebalance Your PortfolioIn addition, at least once a year, retirees should take the time to rebalance their investment portfolios (or to make sure that an account representative handles it for them)."Rebalancing is like a tune-up for your portfolio. It keeps your investments aligned with your goals. In a standard rebalance, you sell investments that have risen in value and buy ones that are underperforming," Carlos says."It can be counterintuitive, but it works. It prevents your portfolio from deviating too far from your original target."In other words, adjust the securities in your portfolio to the right value mix of equities and fixed-income securities so that they continue to meet your investment goals of appropriate risk, income generation, preservation of capital, and growing account value.If necessary, don't hesitate to get help with your rebalancing from a financial advisor.Pros and Cons of Active TradingActive trading in retirement may keep you in the market, but it comes with risks, including choosing the wrong stocks and losing money."If you bet too much on one investment and it doesn't work out, you can experience a massive loss in your nest egg," Carlos says. "Losses in retirement are harder to recover from, especially if you’re regularly withdrawing money."To guard against these kinds of losses and their consequences, if you must trade actively, do so with a limited amount of your money."Active trading may appeal to engaged retirees but introduces volatility and requires more oversight," says Daniel Milks, a certified financial planner and founder of Fiduciary Organization. "It’s usually best kept to a small portion of the portfolio, if at all."Taxes During RetirementOn TradingTaxes can diminish the money available to you in retirement. So, if you decide that active trading is for you, you'll want to be aware of taxes."Frequent trading in taxable accounts may trigger short-term capital gains, taxed at your regular income rate," Carlos advises."That’s why we love Roth IRAs: no taxes on dividends, no capital gains taxes. Your money grows tax-free in a Roth. They’re a powerful tool in retirement planning."If you have a Roth IRA, consider using it for trading purposes (or converting another retirement account to a Roth if you don't, just for the overall tax benefits).On WithdrawalsBut there are taxes to worry about with other types of retirement accounts. As you reach your 70s, you'll face required minimum distributions from either a traditional IRA or 401(k), or both, and you'll pay taxes on each withdrawal."The one thing you will need to understand is traditional IRAs and 401(k)s will eventually be subject to required minimum distributions (RMDs). RMDs currently start at 73, but for those born in 1960 or later RMDs will start at 75," says Mike Hunsberger, a certified financial planner and owner of Next Mission Financial Planning. Tapping out these accounts early in your retirement years is one way to avoid RMDs in your 70s and the taxes that come with them.But no matter when you withdraw these retirement account funds, you'll owe taxes on them. So, timing withdrawals and deciding which accounts to take them from can be important."Managing withdrawals or Roth conversions early in retirement can be a great way to avoid having to take increasing annual withdrawals from your traditional accounts that could drive large tax bills later in life," Hunsberger says.The other thing to bear in mind is that withdrawals may add to your annual income, potentially pushing you into a higher tax bracket. That can have an impact on taxes that you may owe on your Social Security benefits.Withdrawal IdeaEven a portfolio with the right mix of securities for more conservative risk profiles can lose money. So when planning your withdrawals, another option is to take small amounts in early years so that if the markets tank, you'll have more money in your account (and more time) with which to recover your account value.The Bottom LineStaying invested in the stock market throughout your retirement years is a must for most retirees. Doing so can help you guard against the negative effects of inflation, generate income, increase the value of your investment accounts, and preserve capital.What should you invest in? Consider a mix of stocks and bonds that matches your tolerance for risk. Low-cost index funds and ETFs can offer a convenient, hands-off investing strategy and asset allocation solution.In addition, maintain a tax-efficient withdrawal strategy and keep your investments aligned with your retirement goals by rebalancing them at least once a year.