AARP Study: 20% of Americans 50+ Lack Retirement Savings

According to a 2024 AARP study, nearly 20% of Americans over 50 have no retirement savings. To address this, a three-step plan is suggested for those nearing retirement age. This includes boosting income potentially through side gigs, with skilled freelancers earning around $40,000 additionally. By investing an extra $1,000 monthly in a low-cost index fund that tracks the S&P 500, individuals could accumulate approximately $143,000 over eight years. This plan is vital for ordinary investors looking to secure their financial future as retirement approaches.