The amount of money Americans in their 50s have in their 401(k)s.

According to Charles Schwab's "2024 401(k) Participant Study," the average American expects to require $1.8 million in savings for their post-retirement years.

Many Americans in their 50s are not as well-prepared for retirement as they should be.

According to Fidelity Investments, the average 401(k) account balance for people in their 50s was $212,400 in the first quarter of 2024. However, this average is influenced by a small number of larger 401(k) account balances.

According to Fidelity's data, the median 401(k) balance for individuals in their 50s is $64,300.

According to Fidelity, the amount Americans have in their 401(k)s varies by age.

According to a 2024 AARP survey, 20% of adults aged 50 and over who have 401(k) retirement investment accounts say they have no retirement savings at all.

According to Indira Venkateswaran, AARP's senior vice president of research, one reason Americans struggle to increase their retirement funds is the increasing cost of living.

Venkateswaran states that everyday expenses remain the primary obstacle to saving more for retirement, and some older Americans admit that they never anticipate retiring.

How Americans are rethinking retirement

Many Americans are beginning to rethink what their retirement years may look like.

According to Fidelity's "2024 State of Retirement Planning" study, nearly 60% of Americans plan to continue working at least part-time in retirement.

According to Anne Lester, a retirement expert and author of "Your Best Financial Life," that strategy can be advantageous in two significant ways.

"By saving more, you will need less money to last for a shorter period of time during your full retirement years, as she explains."

One of the most crucial things you can do, in addition to working longer, is to postpone when you start receiving your Social Security retirement benefits.

According to the Social Security Administration, the earliest age at which you can start receiving retirement benefits is 62.

If you were born after 1960, you'll need to wait until you're 67 to receive 100% of your retirement benefits.

Delaying your claim for Social Security benefits can result in an increase of 8% for every year you wait, up until the age of 70.

"Waiting to retire offers several advantages, including more time to save, lower savings requirements, and higher Social Security income, as Lester explains."

Not everyone wants to delay their retirement.

Lester advises getting a clear understanding of where to cut back on spending and redirect that money towards retirement savings.

Individuals aged 50 and above can channel additional funds into making catch-up contributions to their tax-advantaged retirement accounts, such as 401(k)s and individual retirement accounts.

In 2024, workers over the age of 50 can make an additional $7,500 contribution to their 401(k), 403(b), governmental 457(b) or SARSEP plan.

Reducing your spending while working can help you adjust to a more manageable lifestyle during retirement, according to Lester.

"When you retire, you'll find it easier to maintain a slightly lower standard of living because you'll already be accustomed to it."

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