Core Insights - The average retirement savings for individuals aged 75 and older was reported at $462,410 according to the Federal Reserve's 2022 Survey of Consumer Finances [1] - As of October this year, the average 401(k) balance for those in their 70s is $425,589, while for those in their 80s, it is $418,911 [1] - The median retirement savings for individuals aged 75 and older is significantly lower at $130,000, with median 401(k) balances of $92,225 for those in their 70s and $78,534 for those in their 80s [3] - Social Security benefits play a crucial role, with average monthly payments of $2,084.92 for 75-year-olds and $1,990.11 for 85-year-olds [4] - The article emphasizes the importance of maximizing retirement savings and Social Security benefits for a comfortable retirement [5]