Let’s start with the numbers, because cold hard facts are like kale smoothies, tough to swallow, but ultimately good for you.

According to data from recent Federal Reserve research, about 88 percent of Americans aged 60 and over have some retirement savings, which sounds reassuring at first glance. But here’s the twist: only 51 percent of this age group say their savings are “on track” for retirement. That means nearly half of people in their 60’s are unsure whether their nest egg will actually carry them through the decades ahead. (Statista)

Flip that around, and you get to the sobering truth that about 12 percent of people 60 and older have no retirement savings at all. Maybe you’re thinking, “Oh, 12 percent — that’s not great, but it’s not catastrophic.” But keep this in mind: that 12 percent is millions of real people, with bills to pay, mouths to feed, and likely medical costs on the horizon.

Another credible survey puts that “zero savings” number a bit higher, with about 15 percent of Americans aged 60 and older reporting absolutely no retirement savings or pension. (Statista)

Let me be clear: those figures don’t include other assets like home equity, or people with savings outside of retirement accounts. But they do highlight the challenge many face when they arrive at this stage of life and realize that Social Security as noble and helpful as it is simply isn’t enough to carry everything.

By the way, if you’re reading this and you’re thinking, “I might be one of those 12 or 15 percent,” take a breath and keep reading. You’re not alone — and there are ways to make the years ahead more secure and fulfilling.

More Savings ≠ Guaranteed Peace of Mind

Here’s another layer: even among people who do have retirement savings, confidence is surprisingly low. In a broader poll of adults 60 and older, fewer than half say they feel their retirement finances are truly secure. About 41 percent report that they feel their savings are on track and will last through retirement. (Self)

So what does that mean? It means that for many of us, it’s not just the size of the nest egg that matters, it’s the confidence in it. You might have a cushion, but if you’re checking your account balance more often than the weather app, you know what I mean.

And don’t even get me started on debt: surveys show a huge percentage of people 55 and older carry some type of debt, ranging from credit cards to mortgages to medical bills. That debt has a sneaky way of eating into retirement savings faster than a seagull at a beach picnic. (New York Post)

What It Feels Like When You’re Not “Retirement Ready”

Let’s talk honestly about how this feels, because this is where statistics meet your life. I’ve met folks who have spent decades saving meticulously, only to fear their nest egg isn’t enough because healthcare costs keep rising. I’ve also talked with friends who never really saved systematically, but ended up creative, resourceful, and adjusting to a new lifestyle that’s less about money and more about meaning.

I know a retiree named Marge, spry, witty, and loud enough to startle small birds who told me her savings weren’t anything to brag about. “But I’m healthy, I garden all day, and I make my own salsa,” she said. “That’s gotta count for something.” Yes, Marge, it does count — but don’t forget, salsa doesn’t pay property taxes.

On the flip side, I know another retiree, Tim, who saved diligently his whole life and still lies awake at night worrying about markets, inflation, and whether the local coffee shop is going to hike their cappuccino prices again. That’s the thing about retirement readiness it isn’t just about the numbers in your account, it’s about peace of mind.

Why So Many Reach 60 with Little or No Savings

Looking back, there are a few common reasons why folks reach their 60s without a secure financial cushion. Some simply started saving too late, which is like starting a marathon with a mile to go — possible, but brutal. Others were hit by life’s curveballs: divorce, medical emergencies, layoffs, or caregiving for aging parents or grandchildren. Still others worked in jobs without retirement plans, or with inconsistent incomes that made saving hard.

Then there’s inflation and the rising cost of living. Even people who did save find their dollars don’t stretch as far as they used to. Combine that with the declining prevalence of traditional pensions, and you get a generation of would-be retirees who are doing the best they can with what they’ve got.

Practical Tips to Improve Retirement Financial Readiness

OK, so you’ve read all that and you might be thinking: “Great, now what?” Good question. I’ve pulled together some real-world, friendly, and practical steps — not “high-falutin” financial theory — just stuff you can think about, laugh about, and do.

First, know where you stand: take a deep breath and look at every financial account you have. If you’ve forgotten some old 401(k) accounts, track them down. If you’re living off Social Security alone, understand exactly what that number is each month.

Second, consider working a bit longer or part-time if possible. I know, I know retirement is supposed to be about not working. But doing something you enjoy, for a few more years, can dramatically ease financial stress and keep you mentally sharp.

Third, tame your debt. High-interest credit cards are like tiny monsters nibbling away at your financial peace. Pay them off, negotiate, or consolidate if you can. That alone can free up cash to build a modest cushion.

Fourth, embrace a retirement budget that is real, not hypothetical. Plans that assume you’ll only spend 70 or 80 percent of your pre-retirement income often forget the surprise costs like replacing a roof or buying hearing aids.

Fifth, think about income streams beyond savings. This can mean annuities, rental income, or dividend-producing investments. Don’t put all your eggs in one basket remember that one Easter when half of them cracked? Yeah.

Most importantly, talk about money with someone you trust — a financial planner, a partner, a close friend. Retirement savings don’t grow by accident, they grow by conversation, intention, and sometimes a gentle kick in the pants.

A Reality Primer with a Dash of Humor

Let’s get real: retirement readiness isn’t a finish line with a ribbon and a cheering crowd. It’s more like a long hike through beautiful but unpredictable terrain — sometimes you’re on a sunny trail, other times you’re up to your ankles in mud. You don’t have to be perfect, you just have to be thoughtful.

So whether you have a robust nest egg or you’re counting quarters like they’re Pokémon cards — knowing where you stand is powerful. And if you’re part of that 12 to 15 percent who have zero retirement savings, take a breath and remember this: it’s not a sentence, it’s a starting point.

Let me leave you with this: retirement isn’t just about money. It’s about purpose, health, connection, and yes, occasional spontaneous road trips. Money helps, but it’s not the whole story.

You don’t have to be wildly wealthy to live a meaningful retirement. You just need clarity, courage, and maybe a bit of salsa on your tacos, courtesy of Marge.

Don’t wait until it’s too late, get your financial house in order today!

Happy retirement planning!