Core Insights - The median retirement savings for Americans aged 55 to 64 was $185,000 in 2022, while an individual with $390,000 saved is above the median for their age group [1] - A survey by Northwestern Mutual indicates that Americans estimate needing an average of $1.26 million to retire comfortably, a decrease from $1.46 million the previous year [2] Retirement Savings and Planning - Retiring at 63 with $390,000 means planning for savings to last around 30 years, with the 4% rule suggesting an annual withdrawal of $15,600 or $1,300 per month [4][5] - This monthly income may not be sufficient to cover all living expenses, highlighting the importance of additional income sources [5] Emergency Savings and Financial Products - Access to a fully-funded emergency savings account is crucial, especially as medical expenses are likely to increase with age [6] - Wealthfront offers a cash account with a 4% APY, significantly higher than the national average, providing flexibility for managing on-hand funds [7] Social Security Benefits - Individuals who have worked since their 20s are likely eligible for Social Security, with the average monthly benefit for retired workers being approximately $2,005 [8] - Claiming Social Security at 63 results in reduced benefits for life, as the full retirement age is typically 67 [8]