Median retirement savings for Americans aged 55-64 fall short of projected needs, with annual spending gaps exceeding $3,000 monthly.
The median retirement savings for US households with members aged 55 to 64 stands at $185,000, according to Federal Reserve data. This amount may prove insufficient for a comfortable retirement, given average annual retiree spending of $59,616, or nearly $5,000 per month.
Retirees face a monthly shortfall of roughly $3,000 after accounting for the estimated average Social Security check of $2,071 in January 2026. Surveys indicate retirees believe $823,000 in savings is necessary, while the broader public estimates a need closer to $1.46 million to cover retirement expenses.
One in five Americans over 50 has no retirement savings, highlighting widespread concerns about financial preparedness for retirement.