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With over 30 years of fielding listener calls and cultivating a devoted audience, Dave Ramsey has become one of the rare experts truly in tune with the nation’s financial heartbeat. His company’s surveys and reports deliver unique insights into how Americans earn, save and spend their money.
Ramsey’s 2023 “Today’s Retirement Crisis” study (1) based on a 2016 survey (2) highlights a surprising statistic — 42% of Americans are not currently saving for the future. This is also reflected in the Fed’s 2022 Survey of Consumer Finances, which shows that only 54.4% of families had retirement accounts (3).
“Even among savers, few are setting aside enough to afford a truly secure retirement. In fact, only 1 in 10 Americans save 15% or more of their income — the amount industry experts recommend individuals set aside in order to build adequate savings — for retirement,” according to the Ramsey Solutions study.
This “alarming” information could indicate that many people are facing dire retirement prospects.
“Instead of packing their bags for their dream vacations in their 60s and 70s, millions of Americans will be packing their lunch for another day at the office,” Ramsey’s team wrote in a March 2025 update on average retirement savings in the United States (4).
Nearly 60% of retired Americans say Social Security is a “major source” of their retirement income, according to Gallup (5).
But these benefits are designed to replace just 40% of pre-retirement income. The estimated average monthly Social Security retirement benefit for August 2025 was $2,008 (6), which translates to an annual income of just over $24,000 — much less than what a comfortable retirement would usually require.
What’s more, recent moves by the Trump administration have raised concerns about the future of Social Security payments. About 59% of non-retired Americans are worried that Social Security won’t be available by the time they retire, according to a survey from DepositAccounts (7).
Here are three steps you can take to start stitching together a safety net that can protect your golden years.
The first step for anyone looking to retire with a comfortable nest egg is to set a benchmark for minimum monthly savings to help secure your future.
As of August 2025, the U.S. personal savings rate was just 4%, according to the Bureau of Economic Analysis (8). This is the ratio of personal savings to disposable personal income, and it is simply too low to fund a robust retirement. Ramsey recommends setting the benchmark significantly higher, at 15% of gross income. This also assumes you already have an emergency fund and you’re out of debt.
For example, a person earning $100,000 a year who manages to save 15% of their income and invests it in an asset that delivers 10% returns annually could accumulate roughly $1.5 million within 25 years. This means it’s possible to retire as a millionaire even if you start saving and investing in your early 40s.
When the market shifts, investors of all stripes look for reliable and safe savings vehicles to cushion their nest egg. SoFi’s high-yield checking and savings account is designed for those savers.
You could get a boosted APY of 4.00% on your savings. Plus, SoFi charges no account, monthly or overdraft fees. High-yield accounts are useful for storing cash while you develop an investment strategy, or for emergency funds, due to their high APY and ease of access.
The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.
If you feel like you can’t set aside enough of your income to invest each month, you can still make your purchases productive with Acorns.
Acorns is an automated investing and saving platform that simplifies the process of setting aside extra funds.
By signing up and linking your bank account, Acorns automatically rounds up the price of each of your purchases to the nearest dollar and deposits the difference into a smart investment portfolio, allowing you to grow your wealth without even thinking about it. If that’s not enough, you could also set up a recurring monthly deposit, which nets you a $20 sign up bonus
Reducing your tax liability could be just as important as maxing out your savings rate. Every penny saved in taxes is another penny that can be used to invest and compound your wealth over time.
For most people, the best way to mitigate taxes is to utilize tax-advantaged accounts like 401(k)s and Roth IRAs.
Unfortunately, many people neglect these accounts. About 40% of Americans don’t have a retirement savings account, according to a recent survey by Gallup (9).
As of year-end 2024, the average participant account balance was $148,153, while the median balance was just $38,176, according to Vanguard (10).
None of these balances is close enough to the estimated $1.26 million an average American needs to comfortably retire (11). But raising your contributions and maxing out these accounts can help you get ahead of your peers.
However, retirement is a long game, and you may want some protection from market shifts as you’re gearing up to retire once and for all. One option would be to invest in gold through a self-directed gold IRA.
A gold IRA allows you to physically invest in gold and other precious metals while also providing the significant tax advantages of an IRA.
If you’re not sure where to start, you can check out some of Moneywise’s top picks for gold IRAs to compare your options for free. Just keep in mind that gold is often best used as one part of a well-diversified portfolio.
Saving 15% of your gross income and maximizing your tax-advantaged accounts are the bare minimum for a comfortable retirement, according to Ramsey. However, if you’re looking to retire sooner, want a better lifestyle in retirement or simply waited too long to get started, you may need to go beyond this minimum threshold.
Consider adding sources of passive income, such as rental property, to augment your annual earnings. Mogul is a real estate investment platform offering fractional ownership in blue-chip rental properties, which gives high net worth investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.
Each property undergoes a vetting process, requiring a minimum 12% return even in downside scenarios. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.
To get started, sign up for an account and then browse available properties. Once you verify your information with their team, you can invest like a mogul in just a few clicks.
Another way to invest in real estate is by purchasing rental properties and becoming a landlord. But for the average American who wants to avoid the need for a hefty down payment or the burden of property management, platforms like Arrived make it easier to slice yourself up a piece of that pie.
The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you’d like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment.
Finally, it can’t hurt to cover your bases by regularly re-negotiating your salary or looking for a lateral career change that can earn you more.
Regardless of your current financial situation, there are usually a few ways to make improvements and boost your chances of a successful retirement — from investing to budgeting best practices.
