Retirement Retirement Planning

8 Retirement Savings Tips From Famous Money Experts

Expert retirement savings tips to help you grow wealth and confidence.

By Summer Nevins , Edited by Esther Carlstone

Updated Dec. 2, 2025

Add Us On Google

Saving for retirement is a marathon, not a sprint, but with daily expenses, debt, and the rising cost of living, that marathon finish line can feel very distant. Thinking about how you'll fund your golden years may seem overwhelming, but a few smart moves now can make a big difference later.

Avoid money mistakes and take some tips from top financial experts like Dave Ramsey to set yourself up for success.

Now Available: The Definitive Guide to Retirement Income

Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.

That is exactly what The Definitive Guide to Retirement Income helps answer.¹ <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It covers what your retirement could actually cost, which income sources are worth using, and the withdrawal math that decides whether the money lasts. It is free today from Fisher Investments. Read More Here ›

Invest 15% of your gross income

In Dave Ramsey's popular "Baby Steps" plan, he specifically recommends putting 15% of your gross household income into tax-advantaged retirement accounts (like a 401(k) and Roth IRA) after paying off all non-mortgage debt and building an emergency fund.

Ramsey's logic is that 15% consistently invested over many years can build up to a solid reserve for retirement.

Shopping for cheaper auto insurance? Enter your zip code here to get started.

Delay claiming Social Security until age 70

Some experts advise delaying Social Security benefits until age 70 to maximize your monthly payments. According to them, for every year you wait beyond your full retirement age, your benefits increase by roughly 8%, giving you a much larger guaranteed income for life.

Waiting can provide greater financial security and reduce the risk of outliving your savings.

Avoid credit card debt

High-interest credit card debt can really stall your retirement savings progress. If you are throwing money at interest, this can negate potential earnings from investments. Billionaire Mark Cuban says credit card debt is a "guaranteed loss" and that high-interest debt is a "wealth killer."

This stance isn't one that only Cuban maintains. Many other financial experts share this opinion. Ramsey, for example, also encourages clearing all debt before investing in retirement.

Released: The Definitive Guide to Retirement Income (Sponsor)

Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out. It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan.

That is exactly what The Definitive Guide to Retirement Income helps answer.¹ <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn More Here ›

Stay consistent and keep it simple

Many financial experts also agree on keeping retirement savings simple. Ramsey emphasizes that consistent investing matters far more than chasing complicated "get rich quick" strategies.

Warren Buffett shares a similar philosophy with his 90/10 investment strategy: 90% in an S&P 500 index fund and 10% in short-term government bonds. The index fund offers steady growth and diversification, while the bonds provide a safety net during downturns. He also emphasizes consistency. Stay invested and keep contributing toward your retirement goals, no matter the market's ups and downs.

Don't plan to rely on Social Security

Billionaire Grant Cardone has been outspoken about his lack of faith in Social Security, calling the system "broken." He views Social Security as an unreliable safety net.

Ramsey is also well-known for his skepticism toward relying on Social Security as a primary source of retirement income. He reminds people that Social Security was never meant to fully fund retirement and instead encourages individuals to take control of their financial future by saving for retirement and managing their debt.

Invest in assets that generate passive income

"Rich Dad, Poor Dad" author Robert Kiyosaki urges investors to focus on assets that generate long-term passive income, like real estate, rather than traditional retirement accounts such as 401(k)s and IRAs. He's openly critical of 401(k)s, calling them risky and warning that most people shouldn't rely solely on market-based income.

Cardone also says he encourages people to look beyond traditional retirement accounts and focus on creating multiple income streams, particularly through investments like real estate, to build lasting financial independence.

Retirement News: Almost 80% of Americans fear a retirement age increase — here’s the real reason why

Don't discount the power of compounding

Buffett famously refers to compound interest as the "eighth wonder of the world," highlighting its incredible power to grow wealth over time. He stresses the importance of starting early, explaining that the real secret to building wealth is giving your investments time to grow.

Rather than trying to time the market, Buffett advises staying invested through ups and downs, allowing compound interest to steadily multiply your returns over the years. In short, consistency and patience are the keys to long-term financial success.

Build an emergency fund

One final general piece of personal finance advice is to construct a solid emergency fund comprising six to 12 months of living expenses. This is advice shared by almost every expert and is especially critical in retirement, when unplanned expenses can really take a toll.

Having an emergency fund protects not only against unexpected setbacks, but it also prevents derailing your long-term retirement goals.

Bottom line

While every expert has their own approach, they all share one core belief: building secure retirement savings takes consistency, patience, and smart money habits. Whether it's Ramsey's focus on debt-free living or Buffett's reminder to stay invested, the path to long-term wealth starts with discipline and clear priorities.

One eye-opening fact: according to Fidelity, the average retiree needs to save roughly 10 to 12 times their annual income by 67 to maintain their lifestyle in retirement. The sooner you start planning for retirement, the more time your money has to grow and compound, helping you reach that target with less stress down the road.

FAQs

Should my retirement savings strategy change as I get older?

Generally, yes. As retirement gets closer, you may want to reassess how much you're saving, the amount of investment risk you're taking, and how you'll eventually turn your savings into income. Your strategy at 55 may look quite different from the one you followed at 25.

How much cash should you keep in savings?

Dave Ramsey generally recommends keeping three to six months of expenses available for emergencies, while Robert Kiyosaki cautions against holding excessive cash that can lose purchasing power over time. The right money saving move may be keeping enough readily accessible to cover emergencies and near-term expenses, while considering other options for money you don't expect to need soon.

What if I started saving for retirement late?

Starting late doesn't mean you can't make meaningful progress. Consider increasing your contribution rate, taking advantage of catch-up contributions when eligible, reducing expenses, or delaying retirement. Even a few additional years of saving and investing can make a difference.

More from FinanceBuzz: