The median retirement savings for Americans aged 65 to 74 is $200K. A $200K nest egg generates only $8K annually using the 4% withdrawal rule. Claiming Social Security at 62 instead of 67 reduces monthly benefits by 30%. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream to reality.

The median retirement savings balance among Americans aged 65 to 74 was $200,000, according to the Federal Reserve. $200,000 in retirement savings may not provide as much annual income as expected. If you’re 61 years old with $200,000 in savings, consider strategic moves to secure your financial future.

Claiming Social Security at 62 with $200,000 in savings will reduce monthly checks by 30% compared to waiting until 67. Aim to file for Social Security at 67 or delay to receive an 8% boost for each year past full retirement age. Working as a retiree may be necessary but can offer social connections and additional income.

If you’re 61 with $200,000 saved, consider working as a retiree for additional income. Explore opportunities in the gig economy to earn money in flexible ways. Avoid tapping into your nest egg early and optimize Social Security benefits. Seek guidance from a financial advisor to manage your savings effectively.

Most Americans underestimate retirement savings needs. Data shows people with one specific habit have double the savings. This habit is simple, powerful, and doesn’t involve increasing income or cutting expenses. It’s surprising more people don’t adopt this easy habit to boost retirement savings.

Read more at Yahoo Finance: I’m 61 Years Old With $200,000 Saved for Retirement. What’s My Game Plan?