4 Smart Strategies Americans Are Using To Make Their Retirement Savings Last
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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Many Americans worry they won’t have enough money to retire comfortably. A recent U.S. Bank survey found that nearly half of Americans (47%) lack confidence in their retirement savings. But others are feeling optimistic, and it’s not just luck — they’re using smart strategies that anyone can adopt.
Here’s a look at the strategies savvy Americans are using to ensure they will have enough savings to live well throughout their golden years.
Creating a Financial Plan
Those who are confident that their savings will last through retirement are more likely to have created a financial plan (71%) compared to those who are not confident (46%).
“Having a financial plan is one of the smartest ways to make your retirement savings last because it gives you a roadmap,” said Scott Ford, president of U.S. Bank Wealth Management. “It helps you think about how you want to live in retirement and then translates that vision into clear, achievable steps.”
A plan can help give you confidence that even when unexpected costs come up, you can adapt and keep moving toward your retirement goals. And Ford noted that your plan doesn’t have to be complex — creating even a basic plan can help provide clarity and confidence.
“Our survey found that following a clear financial plan delivers real benefits for everyone, no matter how much money they have,” he said.
Building an Emergency Fund
Increasing savings and building emergency funds help build long-term financial confidence — 67% of those who are confident that their savings will last through retirement have built an emergency fund versus 41% who are not confident.
“Having sufficient cash on hand or an emergency fund helps protect your long-term savings because it allows you to cover unexpected expenses without tapping into your retirement accounts or pausing contributions,” Ford said.
When it comes to emergency costs, it’s important to expect the unexpected and to be prepared financially.
“Unfortunately, a hardship — your car breaks down, your roof collapses — is a matter of when, not if,” Ford said. “An emergency fund acts as a cushion, covering today’s surprises so your retirement savings can keep growing for the future. That safety net can give you the confidence that short-term setbacks won’t derail your long-term goals.”
Contributing Regularly to Retirement Accounts
Those who are confident that their savings will last through retirement are more likely to make monthly contributions to their retirement fund (61%) compared to those who are not confident (40%).
“Consistency is one of the cornerstones of retirement savings,” Ford said. “Making regular contributions builds the habit of saving, keeps you disciplined through market ups and downs, and harnesses the power of compounding over time.”
Ford recommended contributing 10% to 15% of your pretax income to retirement savings.
“If that’s more than you can do, save as much as you can,” he said. “If your employer offers a match, save enough to get the match — otherwise you’re leaving free money on the table. Even small contributions make a difference.”
Working With a Financial Advisor
Utilizing a financial professional can increase retirement confidence. Those who are confident that their savings will last through retirement are more likely to work with a financial advisor (54%) compared to those who are not confident (22%).
“Working with a financial advisor gives you both a plan and the reassurance that you won’t have to navigate uncertainty alone,” Ford said. “Advisors act as partners who understand their clients’ goals, help them adjust when life circumstances change and provide someone to talk to when questions arise.
“By clarifying priorities, keeping savings on track and offering steady guidance through market ups and downs,” he continued, “advisors can give you the confidence that your financial goals are within reach.”
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