Vanguard’s latest retirement outlook reveals that only 4 in 10 Americans are on track for retirement. Younger generations seem to have an edge over Gen X and boomers, with 47% of Gen Z and 42% of millennials feeling prepared. Vanguard suggests that expanding defined contribution plans and working two extra years could improve retirement readiness. Access to DC plans like 401(k)s can double the chances of reaching savings goals. Social Security, intended as part of a three-pronged approach, won’t cover the average retiree’s needs. To boost savings, consider working until age 67 and exploring home equity options.

Many plan to work past traditional retirement age, with Gen Z particularly open to it. Vanguard reports that only 40% of Gen X and boomers are on track for retirement, with many baby boomers falling short financially. Older Americans may benefit from tapping into home equity, but these strategies depend on various factors. Home equity could also fund necessary expenses like medical care or long-term care. Strengthening your nest egg involves building an emergency fund, diversifying investments, and possibly exploring annuities for guaranteed income. Consulting a financial advisor can help create a solid long-term plan.

Read more at Yahoo Finance: Younger Americans can use ‘2 key levers’ to boost retirement, while older adults have only 1 chance left