The numbers tell us that a very large segment of Americans nearing retirement need to heed these foundational strategies. Federal Reserve data indicates that the median balance in a retirement account in 2019 for a working household nearing retirement (age 55-64) was just $144,000 – an amount that will not last very long in retirement. And it looks worse when you look beyond the median figures – most of the assets are being accumulated in the two highest quintiles of income.
Are you ready to retire? By 2030, one