Many Americans in their 50s don't have much saved for retirement, per Fidelity's latest data. Three strategies to consider, according to a retirement expert.
The average American believes they'll need to save $1.8 million for their post-work years, according to Charles Schwab's "The average 401 account balance for people in their 50s is $212,400, as of the first quarter of 2024, according to data shared with CNBC Make It from Fidelity Investments, one of America's largest 401 providers. However, the average tends to skew higher due to a few larger 401 account balances.
One reason Americans say they haven't been able to boost their retirement funds is due to the rising cost of living, Indira Venkateswaran, AARP's senior vice president of research, says in its report. For instance, nearly 60% of Americans plan to continue to work at least part time in retirement, according to Fidelity's "
On top of working longer, "one of the most important things" you can do is to delay when you tap into your, you'd need to wait until you reach your full retirement age to get 100% of your retirement benefits. If you were born after 1960, your full retirement age is 67."That's sort of the triple benefit of waiting to retire," Lester says. "You have longer to save, you have a smaller amount that you need to save and your Social Security income will be higher.
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