Core Insights - A significant portion of Americans over 50 are facing retirement savings challenges, with 20% having no retirement savings and 61% concerned about insufficient funds for later years [2] - The average Social Security payment is $2,006.69 per month, but early claimants may receive significantly less [2] - There are actionable steps individuals can take to improve their financial situation, including increasing income, utilizing available benefits, and reducing fixed costs [3] Financial Strategies - Many Americans believe they need approximately $1.26 million to retire comfortably, a figure derived from historical market data and withdrawal rate rules [4] - The 4% withdrawal rule, established by financial planner William Bengen, suggests that a balanced portfolio can sustain a 30-year retirement, but individuals can manage with less if they economize [5] - Delaying Social Security benefits until full retirement age or age 70 can significantly increase monthly payments, with a potential increase of about 8% per year after full retirement age [6]