Are You Ready for Retirement? A Look at the Average Savings of Americans Aged 55-64
Saturday, 30 March 2024, 15:00
The Average Retirement Savings Gap
The median 55- to 64-year-old has only $185,000 in retirement accounts, far below the ideal $1.3 million target.
The Importance of Median vs. Mean
The mean account balance is $537,560, but it's skewed by high net worth individuals. Most near-retirees are facing shortfalls in savings.
Take Action Now for a Better Retirement
- Supercharge Savings: Utilize high-earning late 50s and early 60s to save more and benefit from catch-up contributions.
- Trim Unnecessary Expenses: Capitalize on reduced family financial responsibilities and maximize IRA and 401(k) contributions.
- Reassess Insurance Needs: Evaluate life insurance policies to potentially free up funds for investments.
Plan strategically and go beyond average savings to secure a comfortable retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.