According to data from the Federal Reserve, the average retirement account balance of those age 45-54 is about $254,000. For those age 55-64, the average balance is $408,000, and for those age 65-74, the average balance is $426,000. The average Social Security retirement benefit is about $1,657/month or about $19,884/year, according to the AARP. However, the average retiree household pays an average of $3,800/month or $45,756/year in expenses,
according to the Bureau of Labor Statistics. And a recent study by Fidelity revealed a U.S. couple retiring in 2022 at age 65 needed $300,000 of savings to cover future medical costs. Some seniors are forced to retire sooner than expected as a result of late-in-life job loss or health issues. If you have to claim Social Security prior to 70, you may struggle if you don’t have a healthy amount of retirement savings.