Are you 50 years old with very little savings? Here’s a shockingly simple 3-step plan to retire by 58

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Are you roughly a decade away from retirement with little to no savings to fund it? You're far from alone. Nearly 1 in 5 Americans over the age of 50 had no retirement savings, according to a 2024 study by the AARP (1).

The good news is that even at this age, it's not too late to salvage your golden years. Here's a shockingly simple three-step plan, with no aggressive assumptions or complicated tax strategies involved, to help you retire by age 58.

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Getting an extra degree or a side gig could help you create a stream of income that can be completely dedicated to retirement savings. In 2025, "skilled moonlighters earned $40,000 in freelance income on top of their salaries," according to a report by Upwork (2). The study also found that those with valuable, rare technical skills can charge $100 or more per hour.

In other words, now could be the time to push your career to its limit and squeeze out every cent of extra income. Boosting income by just $1,000 a month could be enough.

If that amount is invested in a low-cost index fund that tracks the S&P 500, which has delivered a 10% annual average return (3) historically, it could turn into about $143,000 (4) within eight years.

Another way to boost your income is to find a source of passive income. For instance, platforms like Arrived could help you boost passive income through rental income from real estate. Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties , earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

To get started, simply browse through their selection of vetted properties , each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100 .

Plus, for a limited time, when you open an account and add $1,000 or more, Arrived will credit your account with a 1% match .