Median 55-year-old has $95,000 saved, far from target
The median 55-year-old has roughly $95,000 saved against a retirement target of $1.26 million to $1.6 million, leaving a nearly $1.4 million shortfall to address.
Workers aged 60 to 63 can contribute up to $35,750 annually to a 401(k) via a SECURE 2.0 super catch-up, closing roughly 15% of the gap over a decade.
Delaying Social Security from 62 to 70 lifts a $2,400 monthly benefit to nearly $2,976, generating a six-figure income difference over a 20-year retirement.