Overview
- Only 57% of households headed by someone 55–64 held retirement accounts in 2022, according to the Federal Reserve’s Survey of Consumer Finances.
- Among those with accounts, the median balance was $185,000, while the broader group posted a median household income of $82,150 and a median net worth of $364,270.
- Estimated annual spending for people 65 and older is about $61,432, and incomes typically fall after 64, with Kiplinger citing $68,860 at ages 65–69 and $47,790 at 75 and above.
- The coverage emphasizes the 4% withdrawal guideline as a starting point for income planning and urges late-career steps such as reviewing expenses, reducing high-interest debt, and maximizing plan contributions.
- Vanguard research cited in the reports suggests that working with a suitable financial advisor could add roughly 3% to net returns over time.