Americans’ retirement savings are concerning, with a median balance of $200,000 for ages 65-74 in 2022 and $95,425 for 401(k) plans in 2024. Many older Americans may need to work longer to make up for shortfalls, as the average Social Security benefit is around $2,000 a month, which may not be enough for a comfortable lifestyle.

While working longer can boost retirement savings, it may not be sustainable or enjoyable. Part-time work, especially in the gig economy, could be a better option to supplement income and keep busy in retirement. This approach may be more manageable physically and mentally, allowing for a longer working lifespan.

Addressing a savings shortfall before retirement is crucial, but working full-time may not be the best solution. Part-time work can provide a sustainable way to bridge the gap, offering flexibility and enjoyment while still earning an income. This approach may be beneficial in both the short and long term for retirees.

Learning how to maximize Social Security benefits could provide a significant boost to retirement income, potentially increasing annual payments by up to $23,760. By understanding these “Social Security secrets,” retirees can retire with confidence and financial security, ensuring a more comfortable lifestyle in their golden years.

Read more at Yahoo Finance: Delaying Retirement to Boost Your Savings? Here’s a Better Approach