From Nasdaq: 2025-05-11 06:36:00

Many people struggle to save for retirement due to life’s financial obstacles. Vanguard reports that the average 401(k) balance for Americans aged 55 to 64 is $244,750, but the median balance is a concerning $87,571. To boost retirement savings, individuals can take advantage of catch-up contributions and consider working a side job. It’s crucial for those nearing retirement to assess their 401(k) and make necessary adjustments. Maximizing Social Security benefits can also provide a significant boost to retirement income, potentially increasing annual payments by $22,924. Consider exploring “Social Security secrets” for more information.



Read more at Nasdaq: The Average 401(k) Balance for Americans 55 to 64 May Surprise You