A $250K nest egg generates $10K annually at a 4% withdrawal rate. Social Security averages $2,015 monthly in 2026, totaling $34,180 annually with savings. Working longer boosts benefits and savings. Study reveals one habit that doubles retirement savings and makes dreams a reality.

When nearing retirement, ensure your nest egg supplements Social Security benefits. Social Security only replaces 40% of income; additional savings or a frugal lifestyle with high healthcare costs are necessary. With $250K saved, understand what it will provide and explore options for additional income sources.

Retiring with $250K means $10K yearly income. If combined with average Social Security, $34,180 is insufficient. Consider other income sources like selling a home or spousal income. If funds are lacking, consider working longer to boost savings and Social Security benefits. Lifestyle changes may be necessary to live within means.

Most Americans underestimate retirement needs. One habit doubles savings, unrelated to income or lifestyle changes. Financial advisors can assist in understanding lifestyle changes and financial security. Adopting this simple habit can significantly increase retirement savings.

Read more at Yahoo Finance: Nearing Retirement With $250,000? Here’s What to Do Next