Delaying Retirement to Boost Your Savings? Here's a Better Approach

Summary of Key Points Core Perspective - The retirement savings situation for many older Americans is concerning, with median savings significantly lower than what is needed for a comfortable retirement [1][2]. Retirement Savings Data - As of 2022, the median retirement savings balance for Americans aged 65 to 74 was $200,000 [1]. - In 2024, the median 401(k) plan balance for Americans aged 65 and older was reported at $95,425 [1]. Social Security Benefits - The average Social Security benefit is slightly over $2,000 per month, totaling around $24,000 annually, which may not be sufficient for many retirees [3]. Working Longer as a Solution - While working longer can help boost retirement savings, it may not be a desirable option for everyone due to health issues or lack of energy [5][6]. Alternative Work Options - Part-time work is suggested as a more manageable and enjoyable alternative to full-time work for older Americans looking to supplement their retirement savings [7].