Most Americans are far behind in retirement savings, with the average person aged 55 to 64 having only around $200,000 saved, much less than experts recommend. Even younger workers have an average of just $45,000 saved. Random withdrawals from retirement savings can quickly add up, especially if unexpected expenses arise. Retirees should avoid selling investments during market downturns to prevent locking in losses. Health care costs in retirement can be substantial, with projected expenses of $172,500 per retiree. It’s essential to review Medicare plans annually to avoid unnecessary costs (1,2,3,4).

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