Cheryl Waters, now 74 years old, never imagined she’d have enough money to retire — let alone do so comfortably. But as she packed her bags for a wedding anniversary trip to Puerto Rico, she took a moment to reflect on just how far she’d come.
“I never thought that I would be able to retire,” Waters told The Washington Post. “If anyone had told me I was going to live like this, I would not have believed it.”
For much of her life, retirement felt out of reach. As a former public school teacher, Waters found herself in her 50s with almost nothing saved after a divorce. And she likely wasn’t alone in that struggle.
A recent study by Fidelity Investments found that fewer baby boomer women invest (70%) compared to Gen Z (77%) and millennial women (74%).
But by 70, Waters had managed to turn things around, retiring with a stable nest egg that allowed her to live on her own terms.
A 2024 AARP report found that 20% of adults aged 50 and over have no retirement savings. Waters was in the same boat — until she made a decisive shift in her financial strategy. Determined to take control of her future, Waters sought guidance from a financial planner recommended by a colleague.
She approached the meetings with intent, pressing for actionable advice on which stocks to sell to eliminate her consumer debt. But the most valuable insight she received had little to do with cutting losses.
Her planner made it clear: to secure a comfortable retirement, she didn’t just need to manage her money — she needed to grow her income. So she took on several tutoring jobs over the years to supplement her full-time income and applied for an interest-only mortgage, which gave her the cash flow to diversify her investments.
It’s not uncommon for Americans to look for additional income streams. According to NBO’s 2024 Financial Wellness Survey, 53% of Americans report having at least one passive income stream. The survey highlights that economic uncertainty — driven by inflation and the rising cost of living — is a major factor pushing people to have multiple sources of income.
