51% of Middle-Income Americans Say They Can't Afford to Save for Retirement

That's clearly a pretty big problem.

If you don't save for retirement, you might really end up struggling financially later in life. That's because Social Security can't be expected to come close to replacing your former paycheck. And with benefit cuts on the table, it's more important than ever to build a nest egg on your own.

But if you've been struggling to do that, you're in good company. A recent Primerica survey of middle-income Americans found that among respondents without an IRA or a retirement

savings plan through work, 51% say they can’t afford to save for retirement.

If that's the boat you're in, it's understandable. Not only has inflation been making life more expensive for most people, but even without an uptick in living costs, you may have a lot of bills to grapple with, from your mortgage to your car payments. And carving out extra money for retirement savings can be difficult when you're struggling to meet your near-term needs.

But if you don't find a way to start building some long-term savings, you might struggle once retirement rolls around. So if you can't remember the last time you put money into an IRA account, you may want to consider making one key change.

It may be time for a second job

When you work hard, and full-time, at a main job, the idea of having to take on a second one may be unappealing. But if your paycheck doesn't allow for regular retirement plan contributions, then the best way to make those happen may be to boost your income with another job you work on the side.

The good news, though, is that you don't necessarily need to commit to a rigid schedule in the course of getting a second job. There's plenty of gig work you can do at your own pace.

If you have a car, for example, you can sign up to drive for a ride-hailing service and shuttle passengers around at times you can make that work. And if you take a job doing online data entry, chances are, you'll be able to choose your own hours as long as you meet the deadlines you're given.

If the idea of driving passengers around or doing possibly boring data entry doesn't appeal to you, then it pays to find a hobby you can potentially monetize. Maybe you play the guitar. You could see about getting hired to perform at events and children's parties.

Or maybe you love animals. People are constantly going away and needing others to care for their pets. Signing up with a service like Rover could help you connect with those people -- and earn money for doing things like hanging out with puppies.

Don't neglect your IRA

When it's a struggle to keep your checking account balance above $0, the idea of putting money into an IRA might seem like a joke. But it's so important to contribute money toward your retirement, so if your regular paycheck doesn't allow for that, it may be time to supplement it.

Working a side job might not only make it possible to fund your IRA, but also, to buy yourself more wiggle room with your current bills. And at a time when inflation continues to surge, that's an important thing.