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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.

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As of June 2026, the average personal savings rate is just 2.7%, according to data from the Federal Reserve Bank of St. Louis (5). But if you're only a short sprint away from retirement, you might need a savings rate that's significantly higher — perhaps 15%.

To get there, you may have to slash some indulgences and tighten up your budget to uncomfortable levels, but if you do manage to save 15% of an $80,000 annual income, you could add $12,000 a year in additional retirement savings.

Again, invested in an index fund with annual returns at 10%, this pool of cash can turn into another $143,000 within eight years.

Combined with the income from the side gig, you're looking at a nest egg worth $286,000 altogether if you followed the first step. While that might not be enough for a comfortable retirement, it's certainly enough to generate modest income. Based on the 4% rule, that $286,000 nest egg could produce nearly $11,500 a year in passive cash flow.

Finally, although index funds are a great option for your retirement portfolio, another way of doing it is to invest in exchange-traded funds (ETFs) (6). Unlike index funds, ETFs hold many investments, typically organized around a strategy and aren't confined to tracking just indices.

The beauty of ETF investing is its accessibility — anyone, regardless of wealth, can take advantage of it. Even small amounts can grow over time with tools like Acorns, an app that automatically invests your spare change.

Signing up for Acorns takes just minutes: All you have to do is link your cards and Acorns will round up each purchase to the nearest dollar, investing the difference — your spare change — into a diversified portfolio.

With Acorns, you can invest in a dividend ETF with as little as $5 — and, if you sign up today, Acorns will add a $20 bonus to help you begin your investment journey.

As of July 2026, the average monthly Social Security benefit for retired workers is around $2,086, according to the Social Security Administration (SSA) (7). For millions of American retirees, especially those with little to no savings, this is an essential lifeline.

Combined with the $11,500 in passive income mentioned above, that's roughly $37,000 in total annual income.

That should enable a modest retirement at age 58. However, this amount of retirement income leaves little to no room for error. If you're looking for wriggle room, the key ingredient is patience.

Simply put, retiring at age 70, instead of 58, gives you 12 extra years to deploy this three-step plan.

Delaying Social Security until age 70 could also boost your monthly benefit check by as much as 24%, according to the SSA (8). Meanwhile, investing $1,000 a month from a side gig and another $1,000 a month from aggressive savings to deploy into an index fund at 10% could deliver $718,259 from age 50 to 70.

In those 20 years, you can go from essentially $0 saved to a comfortable retirement, even if you're starting at age 50. No complex tax maneuvers, sophisticated investment strategies or lottery tickets necessary. Just a healthy dose of patience and discipline.

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AARP (1); Upwork (2); Fidelity (3), (6); Acorns (4); FRED (5); Social Security Administration (7), (8)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.