This 41-year-old woman owes nearly $125,000 in debt and plans to die [in] my cubicle’: Here’s what you can do if you’re not sure when you can finally retire

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They say the best time to plant a tree was yesterday. The same can be said about saving for retirement.

But as TikToker @my_secrets_untold explained in his viral video, that’s easier said than done. She described herself as a 41-year-old “broke single mom” who sometimes lives on food stamps.

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“I have absolutely no retirement savings,” he admitted. “I plan to die [in] my cubicle.”

If you fall into this same category, there are things you can do to create a nest egg in a short amount of time.

Start investing

Personal finance celebrity Suze Orman encourages people to take advantage of compound interest, especially when they’re young. She argues that if you start saving in your 20s, the power of compound interest will grow your nest egg exponentially by the time you reach retirement.

However, the Federal Reserve found that 28% of Americans did not. Like @my_secrets_untold, they have no retirement savings.

The Federal Reserve doesn’t explain why these people don’t have retirement savings, but it may be because they don’t have enough money to set aside for retirement.

You can jumpstart your retirement fund by putting small amounts of money into an automated investment account. For example, Landras

connects to your bank accounts and automatically rounds each purchase to the nearest dollar, investing your spare change in a smart investment portfolio. In this way, even the most essential expense translates into money saved for the future.

Sign up now and you can get a $20 investment bonus.

Determining when you want to retire and assessing your risk tolerance will help you better understand how to invest your money for long-term comfort and security.

Gold is an excellent alternative to protect and grow your retirement savings. The precious metal has remained relatively stable, unlike the US dollar, which has lost 87% of its purchasing power since 1971.

One way to invest in precious metals that also provides significant tax advantages is with a gold IRA. This self-directed retirement account can help stabilize your finances by allowing you to invest directly in physical precious metals instead of stocks and bonds.

One of the nation’s most trusted precious metals companies, with an A+ rating from the Better Business Bureau, Rosland Gold has helped thousands of clients protect their retirement with a gold IRA.

Read more: Thanks to Jeff Bezos, you can now use $100 to cash in on prime real estate, without the headache of owning it. Here’s how

Pay off your debt

In his video, @my_secrets_untold revealed that he owes $14,000 in credit card debt and $110,000 in student loans, for a total of $124,000. Americans of all ages carry historic amounts of debt, and it doesn’t end in retirement.

The Center for Retirement Research found that 63% of American households over the age of 65 have some form of debt. This is a sharp increase from the late 1980s, when only 38% of households over 65 had debt.

If you’re one of the millions of Americans struggling with credit card debt, an online marketplace called Credible can help you consolidate your debts into one monthly payment with a lower interest rate.

Consolidating your debts into one loan will help you pay off what you owe faster and potentially save you hundreds in interest.

It may also be helpful to sit down with a financial advisor to discuss both your current situation and where you hope to go in the future. Finding an advisor that fits your specific needs can take a lot of work, especially if you’re doing it on your own.

If you want professional advice on managing your finances, Advisor.com can match you with a selected financial advisor in minutes.

Even if you start small, Advisor.com can help you build a plan that will see you through to retirement.

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