Median 55-Year-Old Faces $1.4 Million Retirement Shortfall

The median 55-year-old has approximately $95,000 saved against a retirement goal of $1.26 million to $1.6 million, creating a nearly $1.4 million gap. Workers aged 60 to 63 can contribute up to $35,750 annually to a 401(k) via a SECURE 2.0 super catch-up plan, addressing about 15% of this deficit over the next decade. Delaying Social Security benefits from age 62 to 70 can increase monthly benefits from $2,400 to nearly $2,976. This information emphasizes the challenges faced by many nearing retirement and the importance of strategic saving habits for future financial security.