Do you have enough saved for retirement? Many retirees in the U.S. feel they don’t, especially in light of inflation, tariffs and other economic changes. A survey from Clever Real Estate revealed that 55% of retirees are feeling more pessimistic about the economy a year into the Trump administration. One-third said they’ve already spent too much of their retirement savings.
Considering the pessimism among many retirees, what can they do right now?
Retirement by the Numbers
Retirees polled said they feel their peers need an average of $823,800 in savings and investments to retire comfortably in 2026, according to the survey. That’s up from $580,310 last year, a dramatic difference that reflects the economic uncertainty right now. The typical retiree today has only $288,700 in their savings, while only 23% had $500,000 or more when they retired.
“From an investment standpoint, as a retiree, the big problem is that you’re on a fixed income in an unfixed environment,” said Liz Thomas, head of investment strategy at SoFi.
But it’s not all bleak. Experts shared steps retirees can take to bolster their savings and stretch their income.
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Invest In Cash-Rich Companies
Tech stocks started a free fall in early February, which is particularly concerning for retirees with substantial investments in growth stocks.
“Generally speaking, equities are a hedge against inflation,” Thomas said. But in this environment, sentiment has dropped for big-name tech stocks.
Thomas suggested cash-rich companies with strong fundamentals as the antidote to high-risk growth stocks. “They’re not going to be as susceptible to some of these pullbacks,” she said. “They’re not as volatile in environments like this.”
She suggested retirees invest in the materials sector, including precious metals. “Resource nationalism and economic nationalism is going to be a tailwind for materials companies,” she said. “These sectors will rise if inflation continues to rise.”
Invest In Dividend-Paying Equities
As retirees look to rebalance their portfolio for better financial security amid market volatility, they should also consider stocks and exchange-traded funds (ETFs) that will put cash in their pockets.
“Particularly as a retiree, you want [your money] in places that will pay a dividend,” Thomas said, suggesting energy and consumer staples as two sectors to consider.
She mentioned the Invesco S&P 500 High Dividend, Low Volatility ETF (SPHD). The ETF avoids high-yield stocks that tend to have increased volatility and focuses on consumer brands like Conagra Brands, Verizon Communications, Kraft Heinz and Campbell’s.
Work a Side Gig
More Americans are taking on gig work or side hustles to save for retirement or supplement their retirement income. A survey from My Guide To Retirement revealed that 46% of Americans are funding their retirement in part through a side hustle. More than one-quarter (27%) view their side hustle as a long-term or primary retirement plan.
“A side gig can give your retirement savings a little breathing room,” said Ashley Korpi, My Guide to Retirement executive director. She urged retirees to consider gigs with flexibility and low pressure, like tutoring, online selling, consulting or light bookkeeping.
Editor’s note: This article is for informational purposes only and does not constitute financial advice. Investing involves risk, including the possible loss of principal. Always consider your individual circumstances and consult with a qualified financial advisor before making investment decisions.
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This article originally appeared on GOBankingRates.com: 55% of Retirees Are More Pessimistic One Year Into Trump’s Term: 3 Things They Should Do Right Now
