40 and just starting retirement planning? Same. Here’s what 13 financial experts told me about retiring in 10 years with zero savings.
I’m going to start this post with a confession that makes me want to hide under my laptop: I’m 40 years old, and I’m just now getting serious about retirement planning.
Like, really just now.
While my friends have been contributing to 401(k)s for years and casually mentioning their “portfolio diversification” over wine, I’ve been living paycheck to paycheck as a freelance content creator since 2017, telling myself I’d “figure it out later.” Well, later is now, and I’m staring down the barrel of wanting some semblance of financial freedom by 50.
Don’t get me wrong. I don’t actually want to stop working entirely. I love what I do! But I want the luxury of saying no to projects that drain my soul or clients who make me question my life choices at 2 AM. I want the security to take a month off without panicking about rent. I want options.
So, I did what any self-respecting blogger would do: I swallowed my pride and asked a bunch of financial experts for advice. Because if I’m feeling this lost and embarrassed about my late start, I’m betting some of you are too.
Here’s what 13 thought leaders told me about going from zero to retirement-ready in 10 years:
13 Financial Tips for Retiring in 10 Years with No Savings
Aggressive Income Strategy Beats 10-Year Retirement Clock
Ray Gettins here – I’ve worked with hundreds of advisors across the country helping them serve clients in exactly your situation. The brutal truth is 10 years isn’t much runway, but I’ve seen people pull it off with the right approach.
First, you need to get aggressive with income generation while slashing expenses to the bone. I worked with a Phoenix business owner who was 55 with zero retirement savings – he took on consulting work in his field and moved to a lower-cost area, banking 60% of his income for 8 years. He didn’t retire wealthy, but he made it work.
The key is thinking beyond traditional retirement. Many of our advisors help clients create “glide path” strategies where you partially retire – maybe work part-time or seasonally while drawing some benefits. One Cincinnati client started collecting Social Security at 62 while doing freelance work, stretching his limited savings much further than full retirement would have allowed.
Don’t try to pick stocks or get fancy with investments – you need boring, steady growth. Work with a fee-only advisor who can show you exactly how much you need to save monthly to hit a bare-bones retirement number. The math might be uncomfortable, but at least you’ll know what you’re working with.
Ray Gettins, Director, United Advisor Group
Tax Strategy Unlocks Hidden Retirement Funds Fast
I’ve spent 19 years helping clients legally redirect their living expenses into business deductions, and I’ll tell you what most people miss – they focus entirely on saving more instead of keeping more of what they already earn. According to Forbes, over 90% of business owners overpay their taxes, which means you’re likely leaving thousands on the table every year that could fund your retirement.
Start a legitimate business immediately, even if it’s part-time consulting in your current field. I had a chiropractor client who went from owing $3,300 in taxes to getting an $18,000 refund just by restructuring his business properly and capturing deductions he was missing. That’s a $21,300 swing in one year – multiply that by 10 years and you’re looking at serious retirement money.
The fastest path isn’t traditional investing – it’s tax strategy combined with business income. You can legally write off portions of your home, car, meals, travel, and dozens of other expenses once you have proper business structure. Many of my clients save 20-30% more annually just through strategic tax planning.
Don’t wait until next tax season to start. Every month you delay costs you money that should be going toward your 10-year goal instead of unnecessary tax overpayments.
Courtney Epps, Owner, OTB Tax
Estate Planning Creates Retirement Income Before Death
After 40 years running my law firm and CPA practice, I’ve seen too many people in your exact situation who successfully retired by focusing on one overlooked strategy: aggressive estate planning that doubles as retirement planning. Most people think estate planning is just for after you die, but smart structures can dramatically accelerate your wealth building.
Set up a revocable living trust immediately and fund it with any assets you acquire over the next decade. I had a client who was 52 with zero savings start contributing to a trust while working just 3 more years, then used the trust’s distribution flexibility to create his own “pension” payments. The trust avoided probate costs and gave him complete control over timing his income to minimize taxes in retirement.
Consider becoming your own family bank through strategic asset positioning within estate planning vehicles. One of my clients used a simple will structure combined with life insurance to create a retirement income stream – the insurance became an asset that generated cash value he could borrow against, while the estate planning ensured his family was protected.
The key insight from my investment advisor days: people approaching retirement without traditional savings need legal structures that work harder than regular accounts. Estate planning tools aren’t just about death – they’re about creating financial flexibility and tax advantages while you’re alive.
David Fritch, Attorney, Fritch Law Office
Zero to Retirement: Drastic Action Required Now
I would start with a reality check: retiring in 10 years with no savings will require drastic action. Begin by creating a zero-based budget, assigning every dollar a job, and cutting nonessential spending to the bone. Then, automate savings, treat contributions to retirement accounts like a fixed bill you can’t skip.
If possible, work to maximize employer retirement plans, and once you hit the match, prioritize paying down high-interest debt. The savings you free up should flow directly into investments. For someone in this position, a diversified portfolio of index funds or target-date funds can help you stay disciplined.
The other side of the equation is income. Explore promotions, negotiate raises, or start a side hustle that can generate meaningful additional revenue. Even temporary lifestyle sacrifices, like downsizing your home or selling unused assets, can accelerate your savings rate.
The key mindset: retirement in 10 years won’t happen by chance. It’s a project that requires structure, urgency, and relentless commitment.
Karen Sampolski, CFO, Viking Roofing
Disciplined Plan Turns Zero Savings Into Retirement
The essential thing to remember for a person having no savings or retirement fund and wishing to retire within 10 years is that one should develop a disciplined aggressive plan. Effective saving is first achieved by trimming non-essential costs and adopting an income-saving rate of 20-30 percent. Making even a little savings/investment can accumulate with time.
Wealth can also be extended by investing on higher profit producing, such as on stocks, real estate, even on small business. One should invest proportionately in accordance to risk aversiveness, however, the activities must be geared towards growing.
Another important step is to increase income either by working on the side, or starting a business. Extra income can be channeled directly into investments which will enable creation of wealth at a faster rate.
It will be hard, yet possible, to retire in 10 years with zero savings using aggressive savings, investment, and find ways to earn more. Smart investing and debt management should be the key areas.
Shaun Bettman, CEO / Chief Mortgage Broker, Eden Emerald Mortgages
Income Stacking: Build Multiple Revenue Streams Fast
If you are someone who does not have any savings or retirement fund but is planning to retire in the next 10 years, then you need to focus on creating several streams of income as fast as possible. You can do this through aggressive income stacking, which is developing 3 to 4 different income sources at the same time.
You can start by maximizing your income that is current. If you have a full time job, find the means to boost that income whether that be through side jobs, promotions or freelancing. At the same time, consider passive income methods such as investing in stocks, bonds or real estate. You can accumulate assets to offer regular income operations provided you are in a position to practice a high-saving and investment plan.
Diversifying your income will ensure that you are able to resist any changes and stay on course to reaching your retirement target. Think of every single income source as a single puzzle piece, by itself it may not look like a lot, but all of them combined will bring you closer to financial independence. Pay attention to scaling each of them in such a manner that you will be able to obtain your profits regularly and without the dependence on one particular source.
Hasan Hanif, CEO & Founder / Accountant, Colour Vistas
Cut Expenses, Boost Savings, Seek Expert Guidance
Pay attention to how much you’re spending and look for ways to cut back in the blend of nonessentials you’ve been spending on — that way more of your money is sent to savings while you get that practice living within your means. You might also want to see if there’s a way to generate extra cash, such as by freelancing or taking on a part-time job to grow your savings. If you can, a financial advisor can be incredibly helpful for mapping out a comprehensive retirement plan and presenting investment opportunities to consider. And as you keep in mind that time is not on your side in retirement savings, really every little bit counts!
Evan Tunis, President, Florida Healthcare Insurance
Sell Unused Assets Now for Retirement Capital
If you are a person with no savings and no retirement and you want to retire in the next 10 years, I will advise you to sell any unused assets right now. The reason this matters is because you need capital immediately and waiting for income alone to build savings will not be fast enough. Every item that sits unused, whether it is a second vehicle, expensive equipment or collections, has cash value that can be redirected into something productive. That money should not be sitting in the form of a depreciating item or something gathering dust.
If you have high interest debt, that is where the money goes first. Eliminate the payments that are draining your monthly income. If your debt is already manageable or cleared, move that cash into a long term investment account and keep adding to it. You are working against time and that means every dollar you control needs to be either freeing up income or building it.
Hugh Dixon, Consultant / Marketing Manager, PSS International Removals
Light Multiple Income Streams on Fire Now
What should someone with no savings and no retirement do if they still want to retire in the next 10 years?
Begin by lighting multiple high-velocity income streams on fire and pairing them with aggressive, automated savings, think rent-to-own real estate deals or short-term rental arbitrage in addition to a lean freelance consultancy, rather than depending solely on a W-2 paycheck. Layer in non-standard options like investing in equipment leases or peer-to-peer business loans, which can get you 8-12% returns, and maybe launching a niche online course in your area of expertise to collect passive royalties.
Dennis Shirshikov, Head of Growth and Engineering, Growthlimit.com
Low-Cost Index Funds Maximize Short Retirement Timeline
If you do not have any savings or retirement plan but would like to retire within the next 10 years, I would recommend you invest in low-cost index funds or ETFs that would track how the market performs. These investments are some of the most effective methods to grow your wealth with our exerting too much effort. Index funds and ETFs are generally broadly diversified, hence have less risk than individual stocks and they are less expensive to manage than actively managed funds.
You do not have to become an expert in stock picking to see returns. What you must have is consistency. Automate the process of funding your investment account and leave the compounding effect to do its job. Considering the comparatively short period, it is advised that you should invest early enough and input as much as you can to ensure you get the maximum returns.
Marcus Denning, Principal & Senior Lawyer, MK Law
Treat Retirement Like a Mission, Not Dream
I’ve worked with people in finance long enough to say this with confidence: it’s not too late, but you need to treat it like a turnaround, not a slow plan.
First, cut ruthlessly and earn aggressively. You need to generate a surplus fast. That may mean downsizing your lifestyle, picking up extra work, or monetizing a skill. Every dollar counts more when time is short.
Next, invest for growth, not comfort. Parking money in a savings account won’t cut it. You’ll need exposure to equities or real assets that compound aggressively. Yes, the risk is higher, but doing nothing is riskier.
Automate everything. Set up auto-transfers into investments the day income hits. Remove friction. Build momentum.
If possible, delay retirement. Even a few extra years working part-time or freelance can buy you breathing room and preserve your principal.
And finally, get real about what retirement looks like. It might not be beaches and golf. But it can be stability, freedom, and no alarms. That’s still a win.
I’ve seen people make it work in 10 years. The ones who succeed treat it like a mission, not a dream.
Ahmed Yousuf, SEO Expert & Financial Author, Customers Chain
Professional Guidance Builds Late-Start Retirement Success
In this situation, the first piece of advice is to seek out a credible financial advisor. Working with a professional in this scenario will help outline immediate steps to help in stabilizing your finances. Realize that even though you may be starting this journey late, it doesn’t mean it’s not possible. Hence, one of the first steps is also highly advise is being really aggressive in finding ways to increase your income to save more of it. Finding a way to start investing even if it’s small is worthwhile. Furthermore, looking into diversifying these investments to preserve and grow your wealth. These steps will help build a strong foundation to help guide you to success in the next 10 years.
Peter Reagan, Financial Market Strategist, Birch Gold Group
Aggressive Saving and Multiple Income Streams Win
Prioritizing aggressive saving and disciplined budgeting is essential to build a retirement fund quickly. Exploring additional income streams, such as part-time work or side businesses, accelerates financial growth. Investing in low-cost, diversified portfolios can maximize returns over the next decade. Reducing debt and unnecessary expenses frees up resources for retirement contributions. Seeking guidance from a financial advisor ensures a tailored plan to achieve retirement goals efficiently.
Linda Chavez, Founder & CEO, Seniors Life Insurance Finder
The Reality Check I Needed (And Maybe You Do Too)
After reading through all this expert advice, I’ll be honest. I’m feeling both overwhelmed and oddly hopeful.
The overwhelming part? Realizing just how much work I have ahead of me.
The hopeful part? Understanding that it’s actually possible, even for a late-starter like me.
The common threads I’m seeing from these experts are clear: this is going to require sacrifice, discipline, and probably some uncomfortable lifestyle changes.
I can’t keep living like I have unlimited time to figure this out, because I don’t.
But here’s what I’m taking away from this: retirement doesn’t have to look like the traditional “gold watch and rocking chair” scenario.
For people like us, the entrepreneurs, freelancers, and creators in the world, it can mean having enough saved to be selective about our work. It means having a cushion that lets us take risks, turn down bad clients, or pursue passion projects without the panic.
I’m not going to pretend this will be easy. I’m already mentally preparing to say goodbye to some of my financial vices and hello to meal prepping.
But if it means I can have the freedom to choose my projects instead of taking whatever pays the bills? That’s worth a few years of sacrifice.
To everyone else who’s feeling behind on this retirement thing: we’re not alone in this, and apparently, we’re not doomed either.
We just need to get serious, get help, and get started. Today.
Now if you’ll excuse me, I have some very uncomfortable budget spreadsheets to create and a financial advisor to research. Wish me luck. I have a feeling I’m going to need it.
What about you? Are you starting your retirement planning later than you’d like? What’s your biggest challenge in getting started? Let me know in the comments. I could use the moral support!
