Retirement Savings Gap: Facts & Strategies
Update: 2025-11-23
Description
Retirement savings: The average 401(K) balance for those in their sixties is $568,040, but the median is much lower at $188,792. Many baby boomers and Gen Xers expect to need $760,000 and $1.18 million respectively, highlighting a potential gap. Officials suggest having 8 times your pre-retirement income saved. If your 401(K) isnt where you want it, consider higher catch-up contributions, downsizing, and reallocating assets. Consult a financial advisor for personalized guidance.
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