Most Americans would consider $1.5 million the “magic number” for retirement savings, according to a Northwestern Mutual survey. Unfortunately, many are falling short of that goal.

As of 2022, the median household net worth was just $176,500, according to the Census Bureau. Meanwhile, about 20% of adults over 55 have no retirement savings at all, the AARP reports.

In other words, many people are approaching retirement with little savings and not much time to turn things around. If you’re over 50 or 60 with no nest egg, typical wealth-building strategies like career changes, long-term investing and slow-and-steady savings likely won’t get you to your goal.

But that doesn’t mean it’s impossible to retire comfortably. It just means the path is narrower and more difficult than it would have been in your 30s or 40s.

Here’s one way to build wealth on a faster timeline.

The only thing worse than having no savings is having a negative net worth. Without a financial cushion, your loans and credit card balances are propped up by your income, putting you in a fragile financial position.

That’s why the first step is tackling your debt. Consider using the avalanche or snowball method to start knocking down your liabilities. Once you free yourself from monthly interest payments, you can move on to the next step.

With a short time frame, you’ll likely need to make bold moves to build up your savings. That could mean cutting back on spending, downsizing your home or even relocating to a more affordable area. Saving as much as 50% of your income may seem extreme, but it can help you reach a modest retirement goal faster.

According to SmartAsset, the median income of someone between 45 and 54 is $1,336 per week, or $69,472 per year. Saving 50% of that gives you about $34,736 a year, or $2,900 per month.

Investing that $2,900 monthly in a low-cost index fund like Vanguard’s S&P 500 ETF (VOO) could help it grow significantly. The fund has delivered a 14.55% annualized return since its inception. If that performance continues, you could have $691,220 in 10 years.