Jing Pan

Mon, Jun 23, 2025, 2:07 AM6 min read

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Maryann O'Connor, a single mom who adopted and raised three kids, envisioned a comfortable retirement. However, her reality tells a different story.

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“I’m working my butt off,” the 66-year-old told CBS News.

O'Connor has no savings, 401(k) or even an emergency fund. She works two jobs, sometimes up to 11 hours a day.

“It's been a matter of life and death,” she said, reflecting on her financial struggles. “I [had hoped] to be retired, playing the piano again, just enjoying my life.”

Instead, O’Connor sold her home and purchased a smaller one, which she shares with two other women.

It's increasingly common for Americans to continue working into their golden years. According to the Pew Research Center, approximately one-in-five Americans aged 65 and over were employed in 2023, a figure that has nearly doubled compared to 35 years ago.

Saving for retirement isn't just a good idea — it's essential. And it’s never too late to start. Here’s how to begin building your nest egg.

Data from the U.S. Census Bureau reveals a troubling trend: Nearly half of U.S. women aged 55 to 66 have no personal retirement savings. For men in the same age group the figure is only slightly lower at 47%.

Smart financial planning — particularly for retirement — begins with knowing where your money goes. Track your spending for a full month and sort each expense into two categories: essential needs or discretionary purchases.

However, budgeting can be challenging, especially when trying to track multiple accounts, food shopping and daily expenses simultaneously. With YNAB, you can track spending and saving all in one place. Link your accounts so you can see a big-picture look of your expenses and net worth growth. You can prioritize saving for short or long term goals — like a vacation or a down payment for a house — with the app’s goal tracking feature.

If you want to pay debts faster, you can create personalized paydown plans to calculate how much interest you’d save if you topped up your monthly payments with a little extra.