Many aim to retire comfortably with $1.26 million, while Fidelity suggests having 10 times your salary saved by 67. However, the median retirement savings for those in their 60s is $539,068. Having a mortgage-free home can greatly ease financial burdens in retirement, with 40% of U.S. homeowners being mortgage-free.

Retirees spend around $65,149 yearly, but living costs vary. Downsizing, relocating, or living with family can reduce expenses. Defined benefit pensions are rare, but offer reliable monthly income. Lower tax brackets present opportunities for tax-saving strategies, such as Roth conversions or selling assets with lower tax implications.

Flexibility in retirement can be key. Adaptable retirees can adjust to market downturns or changing circumstances more easily. By controlling expenses and location, one can live comfortably with less savings.

Read more at Yahoo Finance: Are you one of these 5 types of US retiree? Then you’re much richer than you think. Here’s why