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Thats similar to what researchers at Morningstar found this year.
They predicted that 45% of U.S. households will run out of money during retirement.
What If You Dont Have a Workplace Retirement Account?
Many Americans work jobs that dont provide access toemployer-led retirement accounts.
Morningstar didnt analyze what these workers should do.
Here are four ideas to help you get there.
The answer can depend on how old you are, where you live and the lifestyle you want.
Work Longer or Delay Collecting Social Security
The Morningstar report highlighted this point, but its worth reiterating.
The longer you wait to retire and collect Social Security, the better.
For example, imagine retiring at 68 instead of 65.
Thats three extra years you get to add to your retirement savings instead of pulling from them.
This alone could add six figures or more to your eventual nest egg.
Also, your Social Security payments increase the longer you wait up to the age of 70.
Focus On Passive Income
you might also spend your working years setting up sources of passive income for retirement.
For example, you might build alarge dividend-stock portfoliothat covers a percentage of your living expenses annually.
Or you could buy investment properties and rent them out to tenants.
When you have a passive income, you dont have to rely as much on your savings.
You have other funds available to cover some of your costs.
Invest Wisely
Finally, invest your retirement savings wisely.
For most people, that means buying an index fund like the S&P 500.
This is Warren Buffetts biggest piece of advice to the average investor.
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