Fidelity data shows that individuals aged 58 or older have an average of $244,900 to $250,000 saved in their 401(k) accounts, nearing retirement. The balance tends to level off after age 55, and distributions can begin penalty-free at 59 1/2, with exceptions. Meanwhile, many Americans are behind on retirement savings, but unlocking Social Security secrets could increase income by up to $23,760 annually. Learning how to maximize benefits can provide peace of mind in retirement. Join Stock Advisor to explore these strategies further.

Read more at Nasdaq: This Is the Average 401(k) Balance for Retirees Age 58 and Older