Americans Nearing Retirement Face Financial Shortfalls, Reports Reveal

Studies show 55-year-olds have insufficient savings and reliance on Social Security remains high among those 65 and older.

A Prudential study found 67% of 55-year-olds fear outliving their savings, with median retirement savings under $50,000.
24% of 55-year-olds expect family support in retirement, but many have not discussed this with their families.
Vanguard's report shows improved 401(k) participation and savings rates, yet median balances for those 65+ remain low at $88,488.
Automatic enrollment in 401(k) plans has led to higher participation rates, reaching 94% in plans offering this feature.
Experts advise prioritizing retirement savings and having open conversations about financial expectations with family members.