Many baby boomers are nearing retirement age with inadequate savings, facing challenges to maintain their standard of living. Only the top 30% of income-earning boomers are ready for retirement, with median-income individuals expecting a $5,000 annual spending shortfall. This financial state may force many to rely heavily on Social Security or return to work.

To secure a comfortable retirement, experts recommend saving consistently and early. For example, by investing 15% of your income into a diversified portfolio, you could double or even 7x your salary in a matter of years. Platforms like Acorns can help automate investments with spare change, making it easier to reach your retirement goals.

Diversifying your retirement portfolio can help mitigate risks and provide additional income streams. Assets like real estate and gold can offer inflation protection and market stability. Consider self-directed gold IRAs or fractional ownership in rental properties to enhance your retirement savings strategy.

Platforms like Arrived and Mogul make it easy to invest in real estate without the hassle of being a landlord. These platforms offer opportunities for both accredited and non-accredited investors to participate in rental property ownership, generating monthly income and appreciation potential with minimal investment.

By consistently tracking your savings and spending and utilizing platforms like Rocket Money, you can gain a clear picture of your financial progress and make informed decisions to secure your retirement. Remember, it’s never too late to start building a secure financial future.

Read more at Yahoo Finance: This is how much the average employed baby boomer has saved for retirement. How do you stack up?