Most retirees won’t reach $1 million in retirement savings, as the reality is different from the ideal. Data from the Federal Reserve shows only a small percentage have saved $1 million or more. The average and median retirement savings for different age groups reveal the financial challenges faced by retirees.

To maintain their standard of living, older Americans should aim to have around 10 times their pre-retirement income saved by age 67. However, many retirees fall short of this target, leading to tough financial choices. A significant percentage of working households are projected to struggle to maintain their pre-retirement standard of living.

While retirement savings might fall short, many older adults hold wealth in other forms, including home equity, savings, investments, and business interests. However, much of this wealth is tied up in illiquid assets, which can make it challenging to cover expenses or emergencies.

For retirees facing inadequate savings, there are strategies to generate income and maximize resources, such as delaying Social Security, downsizing or tapping home equity, exploring fractional real estate investing, and considering part-time or flexible work. It’s essential to find balance, trim unnecessary expenses, and build flexible income streams to support the desired lifestyle in retirement.

Retirement isn’t just about hitting a specific number; it’s about making smart decisions that work for your life stage and being adaptable when necessary. By utilizing various income-generating strategies and assets, retirees can enhance their financial security and enjoy a comfortable retirement.

Read more at Yahoo Finance: Can You Guess What Percent of Retirees Have $1 Million Saved? Here’s The Average Net Worth Of People 65 and Up