A 59-year-old nurse and her husband have saved $250,000 for retirement, expecting $1,100 monthly pension and $1,800-$2,300 Social Security benefits. Worried they’re behind compared to others, with the average American saving $537,560. To retire comfortably, Americans believe $1.26 million is needed. However, pension and Social Security benefits may boost their savings.

The couple could retire at 65 with around $5,000 monthly income. If they contribute max to 401(k) for six years, they could have over $447,250 for 30 years. Selling their home for $300,000 could also help. Retirement savings are personal; factors like healthcare costs and desired lifestyle play a role. Catch-up contributions for those 50 and over can boost savings, even small monthly contributions can make a difference. Consider working part-time to delay Social Security benefits and allow investments to grow. Downsizing or selling unused assets can also help boost retirement savings. Every dollar saved now can be invested for retirement. Adjusting expectations and strategic planning can help avoid working until death. Retirement is about finding the right balance for lifestyle and financial goals. Stay informed with Moneywise’s accurate and trustworthy financial content. Commitment to transparency and accountability in journalism ethics and guidelines. Source: Northwestern Mutual Planning & Progress Study 2025. Information provided without warranty, not as advice.

Read more at Yahoo Finance: At 59, my husband and I have $250K saved for retirement. But my friend says he’s got $700K. Are we unprepared?