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As the late, great Hollywood icon Bette Davis once said: “Getting old ain’t no place for sissies.” And neither is figuring out how to pay for a retirement that actually feels comfortable.
For baby boomers, the oldest of whom are now in their 80s, decades of working, saving, investing and making financial mistakes have produced plenty of lessons for the generations coming up behind them.
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There isn’t one secret formula for becoming wealthy. But some of the financial habits that can help build wealth are surprisingly straightforward: Spend less than you make, invest consistently, automate your savings and keep expensive debt from eating into your income.
The U.S. Census Bureau puts median household income at $87,460 in 2025, although incomes and financial circumstances vary widely from household to household (1).
For people still working toward retirement, these five habits can help put more money to work — and potentially make the transition out of the workforce a little easier.
1. Avoid lifestyle creep
An improvement in your finances, such as a raise at work or an inheritance, shouldn’t be an excuse to spend more.
One of the simplest ways to build wealth is to make sure your spending doesn’t rise every time your income does. The strategizing boomer knows that any boost to income should go to savings and investments. In other words, they live below their means.
However, it’s all too common for a lot of people to spend what they earn — a losing proposition when it comes to saving for retirement. Instead of indiscriminate spending, follow the advice that finance writer Elizabeth Aldrich’s father gave her: Create a retirement budget and stick to it.
For investors with portfolios of $250,000 or more, financial decisions often become increasingly nuanced.
Managing withdrawals, minimizing tax exposure and ensuring long-term sustainability often requires greater coordination and strategic planning.
In these cases, working with a financial advisor can help reduce costly mistakes.
If you have a portfolio of $250,000 or more, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.
Simply answer a few questions about your savings, retirement timeline and overall investment portfolio.
From there, WiserAdvisor reviews its network to match you — for free — with up to three vetted, reputable advisors aligned with your specific needs.
You can then schedule no-obligation consultations with your matches to find the best fit for your long-term goals.
WiserAdvisor is a matching service and does not provide financial advice directly. All matched advisors are third parties and specific financial results are not guaranteed.
2. Invest aggressively
Saving is only part of the equation. Many wealthy households also put their money to work through investments, giving their money the opportunity to grow over long periods of time.
Experts like Dave Ramsey say you should invest 10% to 15% of your income annually. As mentioned earlier, the median U.S. household earned $87,460 in 2025. If a household earning that amount invested 15% of its income, that would work out to about $1,093 a month.
If you invest even a portion of that $1,093 — say roughly $927 — every month for 30 years, you could retire with nearly $2 million in the bank, assuming a 10% annual return. From here, you may want to diversify your investments across multiple asset classes — such as stocks, bonds and ETFs — to help you hedge against any ongoing market uncertainty.
While that 10% annual return is a hypothetical assumption and actual investment returns will fluctuate, the larger point is worth keeping in mind: Starting early gives compound growth more time to work.
Institutional investors have long looked to private-market real estate as a way to help stabilize their portfolios against market volatility. The asset class offers a mix of potential tax benefits, regular cash flow, a hedge against inflation and returns that are less correlated with public equities.
Historically, individual investors haven’t had great options for accessing high-quality, private-market real estate.
In recent years, crowdfunding platforms have opened access to a broader demographic, but outcomes often depend on factors like deal structure, platform incentives and the expertise of the sponsor.
Lightstone DIRECT’s direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.
With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.
Beyond commercial real estate, another high-value asset class to consider for your wealth-preservation strategy is precious metals.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of American Hartford Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account — combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to potentially hedge their retirement funds against economic uncertainties.
Even better, you can often roll over existing 401(k) or IRA accounts into a gold IRA without tax-related penalties. To learn more, get your free 2025 information guide on investing in precious metals.
Qualifying purchases can also receive up to $25,000 in free silver.
3. Auto-save, always
Out of sight, out of mind is the smart payday rule for the boomer who has retired with confidence. That means earnings are automatically transferred to savings and investment accounts as soon as the wages are deposited.
It’s a simple strategy, but it removes one of the biggest obstacles to saving: having to make the decision every payday.
You can set up automatic contributions to a 401(k), IRA, brokerage account, or high-yield savings account, depending on your goals and circumstances.
With Acorns — an automated saving and investing app — doing this is simple.
When you link your bank account to your Acorns account, it automatically rounds up every purchase to the nearest dollar and puts the difference — your spare change — into a smart investment portfolio. This way, even when you’re spending on essentials, you’re investing in your future too.
Sign up now and you can get a $20 bonus investment.
4. Don’t live on credit
Wealth isn’t just about what you own. It’s also about what you owe. Carrying high-interest debt can make it harder to save and invest, because more of each paycheck goes toward interest rather than toward building wealth.
And Americans are carrying plenty of debt. U.S. household debt reached $18.8 trillion in the second quarter of 2026, according to the Federal Reserve Bank of New York. Credit card balances alone totaled $1.26 trillion (2).
For those who carry balances each month, paying with cash or using a debit card to pay for purchases might be the better way.
Eliminating your credit card debt can be made easier by opting for a personal loan with Credible. Credible’s online marketplace of vetted lenders connects you to personalized loan options based on your needs.
By opting for a personal loan, you can pay off your debts faster and at a better rate and get your credit card balance off your back.
5. Ensure your spouse can live comfortably after you’re gone
No one ever feels ready to start thinking about life insurance. But the truth is, the younger you are when you purchase a policy, the lower your premiums will be.
Life insurance can replace lost income, cover outstanding debts, finance children’s education and pay for funeral costs. When you purchase life insurance, you are giving your family the gift of financial protection — ensuring that they will be taken care of if the worst happens.
By opting for term life insurance with SBLI, you have access to features such as LegacyShield, which can ease your mind during end-of-life planning.
SBLI’s LegacyShield is a streamlined dashboard where you can manage all your financial accounts, store documents and share final wishes all in one place. This takes a bit of the stress off when you’re faced with losing a spouse.
With SBLI, you can protect your family’s financial future with the support of professional advice, a simple online claims process and no medical exams required for term insurance.
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Article Sources
United States Census Bureau (1); Federal Reserve Bank of New York (2).
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: finance.yahoo.com
