A 59-year-old nurse and her husband have about $250,000 saved, while a similarly paid friend has $700,000 in a 401(k). The couple also expects a pension and Social Security, so their account balances alone cannot show whether they are prepared.
Federal Reserve figures cited in the article put average retirement savings for Americans ages 55–64 at $537,560 and the median at $185,000; the couple’s $250,000 is above the median. They also have $200,000–$300,000 in home equity, expect a $1,100 monthly pension and estimate combined Social Security of $1,800–$2,300 a month, depending partly on when they claim.
The article says whether the savings are sufficient depends on projected spending for housing, health care, debt, taxes and lifestyle, as well as retirement timing and benefit claims. It suggests comparing different scenarios. For 2026, workers 50 and older can contribute up to $32,500 to a 401(k), with an enhanced $35,750 limit for eligible workers aged 60–63.
