Retirement Retirement Planning

8 Moves to Make Now If You're a Boomer Without Retirement Savings

It's not too late to strengthen your financial future — but taking action now is essential.

By Adam Palasciano

Edited by Andrea Basse

Updated Dec. 20, 2025

Discovering that you have little or no retirement savings can feel overwhelming, especially if you're a boomer nearing the end of your career. But while you cannot rewind the clock, there are practical steps you can take today to build a stronger retirement plan. Many of these moves focus on improving cash flow, reducing expenses, and making smart Social Security decisions. With consistent effort, you could create meaningful financial progress quickly.

Here are eight steps that can help you move forward with confidence.

Learn 7 ways to generate income with a $1,000,000 portfolio

Learn the strategies wealthy retirees use to fund their retirement with $1,000,000 — and how you can, too — with this new guide: The Definitive Guide to Retirement Income from Fisher Investments.

Fisher Investments has helped tens of thousands of investors retire comfortably since 1979. With over $332 billion under management, they provide tailored money management to help achieve long-term goals.

Get your guide here

Review your current finances

The first step is gaining a clear picture of where you stand financially. List your income sources, recurring bills, debts, and any irregular expenses that may surprise you throughout the year.

Understanding your complete financial landscape allows you to make smarter decisions about cutting costs or boosting savings. This clarity also helps you choose a realistic timeline for retirement and determine how much income you need to support it.

Who really has the cheapest auto insurance in your area? Check your zip code here.

Take on a part-time job or side gig

Supplementing your income is one of the fastest ways to create financial breathing room. Boomers may find success in flexible, part-time roles or side gigs that build on years of professional experience.

Even earning a few hundred extra dollars per month can help you reduce debt or begin saving for retirement. This additional income can also help delay Social Security, which increases your lifetime benefit.

Maintain a positive attitude

A lack of retirement savings can feel discouraging, but mindset plays a major role in your next steps. Staying optimistic helps you stay motivated to make changes, whether that means cutting spending or pursuing new income opportunities.

A positive outlook also makes it easier to approach challenges with flexibility, especially if you need to delay retirement. Framing this stage as a chance to rebuild can help you create a solid foundation for your later years.

Get a protection plan on all your appliances

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.

Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.

For a limited time, you can get your first month free with a Single Payment home warranty plan.

Get a free quote

Set attainable goals for yourself

Creating realistic financial goals ensures that your plan is both actionable and sustainable. For example, start by identifying small milestones, such as saving your first $500 or paying down a specific debt.

Achievable steps can build momentum and help you measure progress over time. When your goals align with your income and lifestyle, your likelihood of long-term success should increase.

Aggressively cut expenses where possible

If savings are limited, reducing your cost of living becomes essential — and often immediately effective. Focus on needs before wants, and look for places to trim recurring expenses like subscriptions, dining out, or shopping.

For example, downsizing your home, refinancing debt, or switching to more affordable service plans can free up significant cash each month. Every dollar saved can be redirected toward building emergency reserves or lowering debt.

Speak with a financial professional

A financial advisor can help you build a personalized strategy based on your income, debts, and long-term goals. Professionals can also identify overlooked opportunities, such as tax advantages, benefit programs, or flexible retirement timelines.

If you have multiple income sources, an advisor should be able to help you coordinate them for maximum efficiency. Getting guidance now can help you avoid costly missteps later.

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

Maximize Social Security benefits

Social Security will likely be your primary retirement income source if you have no savings, so understanding the rules is critical. The SSA calculates your benefit based on your highest 35 years of earnings and the age you start collecting, which means both timing and income matter.

Claiming at age 62 reduces your monthly benefit by about 30%, while waiting until full retirement age — age 67 for those born in 1960 or later — allows you to receive your full benefit. Delaying until age 70 increases your benefit by about 8% per year, ultimately raising your payment by roughly 24% compared to claiming at FRA.

Make money from your assets

Even if you lack traditional savings, you may still have assets that can generate income. For example, renting a spare room, selling unused items, or monetizing hobbies could provide a steady cash flow.

Leveraging what you already own helps strengthen your finances without major upfront costs.

Bottom line

Boomers without retirement savings still have meaningful options, especially when they act quickly and intentionally. Building a plan that includes income generation, thoughtful budgeting, and optimized Social Security benefits can help you regain control of your financial future.

Every step you take today — no matter how small — helps you set yourself up for retirement with more stability and confidence.

More from FinanceBuzz: