Morgan Housel warns couples nearing retirement not to chase risky returns — here are his safer tips for catching up

Core Insights - A significant portion of Americans, 58%, feel their retirement savings are inadequate, leading to a critical juncture for many approaching retirement [1] - Morgan Housel suggests that instead of taking risks in the market, individuals should lower their expectations regarding retirement savings [1][2] Investment Strategies - Housel warns against chasing high-risk investment trends, such as cryptocurrency and gold, especially as retirement approaches, as this can jeopardize financial security [3] - The focus should be on endurance and longevity in investments rather than high-risk strategies [6] Financial Realities - Nearly 19% of Americans aged 65 and older were still working in 2024, indicating that many retirees rely on continued employment [4] - The average retired worker receives approximately $1,980 per month from Social Security, totaling around $23,760 annually, which may not be sufficient for a comfortable retirement [4] Redefining Financial Goals - Housel advocates for redefining what constitutes "enough" in retirement, suggesting that individuals may need to adjust their expectations regarding luxury items [5]