I’m 55 and plan to retire in a few years, but have nothing saved — can I start saving now and still retire comfortably?

Core Insights - Gaby, a 55-year-old with no retirement savings and $10,000 in debt, is facing significant financial challenges as she hopes to retire in the next decade [1][2][3] - A Northwestern Mutual study indicates that Americans believe they will need approximately $1.26 million to retire comfortably, although this figure can vary based on individual circumstances [4] Financial Situation - Gaby has recently received a salary increase, bringing her annual income to just over $100,000, but she has no savings due to previous financial obligations [1][2] - Despite being a homeowner, Gaby's lack of retirement investments and existing debt raises concerns about her ability to retire without financial stress [3] Retirement Planning - It is essential for Gaby to determine her retirement savings needs, which will guide her monthly investment strategy [3] - A general guideline suggests saving ten times one's final salary by retirement age; for Gaby, this would mean needing over $1.26 million if her salary grows to $126,824 by age 67, assuming a 2% annual raise [4][5] - Creating a retirement budget is recommended for Gaby to estimate her future expenses, including healthcare, food, and entertainment, which will help her identify her specific savings target [6]