Here’s the average retirement savings for a 60-year-old American. Plus 4 ways to lock down your nest egg

Core Insights - The article emphasizes the importance of retirement savings and the potential benefits of working with financial advisors to maximize returns and secure a comfortable retirement [2][4]. Retirement Savings Insights - A survey indicates that American retirees believe they will need an average of $823,000 in savings for retirement, while the general perception is that $1.26 million is necessary [4]. - The average retiree spends approximately $59,616 annually, which translates to about $5,000 monthly, while the average Social Security check is only $2,071 per month, creating a significant shortfall of nearly $3,000 [5]. - The median retirement savings for households aged 55 to 64 is around $185,000, highlighting a potential inadequacy in savings for many Americans [6][7]. Investment Strategies - Investing in gold is presented as a viable option to preserve retirement savings, with gold prices having increased over 70% in the past year, and projections suggesting prices could reach between $6,000 and $6,300 per ounce by the end of 2026 [11][12]. - Gold is viewed as a hedge against inflation and market volatility, making it an attractive asset for retirement portfolios [10][12]. Financial Tools and Services - Financial advisors can enhance investment returns by up to 3% through effective asset allocation, investment selection, and tax management [2]. - Services like Advisor.com offer personalized guidance to help individuals assess their retirement goals and investment strategies [8]. - Platforms like Acorns allow users to automatically invest spare change into diversified portfolios, making it easier to build savings [16][17]. - Real estate investment opportunities have become more accessible, allowing individuals to invest in shares of vacation homes or rental properties with minimal capital [19][20].