At 60, I Have $320,000 Saved For Retirement — But My Friend Is Sitting On A $2 Million Nest Egg. Am I Behind or Can I Still Catch Up?

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Retirement worries rarely start with spreadsheets. They start with conversations—about 401(k)s, investments, or stock market wins. That’s when comparisons get personal.

For one 60-year-old administrative assistant, the number in her account is about $320,000, accumulated through decades of steady saving. She expects Social Security to provide around $2,200 per month, which should help cover expenses once she steps away from work.

But the comfort of that balance collapsed when a longtime friend, who built a career in tech, revealed a nest egg of $2 million. Suddenly, her $320,000 didn’t feel like progress. It felt like a shortfall.

The truth is that a $2 million portfolio is rare. According to the Federal Reserve’s 2022 Survey of Consumer Finances, households aged 55-64 have a median retirement savings of just $185,000. The average is much higher—over $537,000—but that figure is distorted by wealthy outliers at the top. Fewer than 2% of households ever reach the $2 million mark.

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By that measure, $320,000 isn’t failure. It’s above the national median and places her ahead of many peers, even if it pales next to her multimillionaire friend.

Surveys from Northwestern Mutual and Schroders suggest many Americans believe they need $1.2 to $1.5 million to retire comfortably. That expectation has become a cultural benchmark, even though the reality is more nuanced.

Social Security plays a crucial role. The average retired worker receives $1,976 per month, and higher earners collect more. With her projected $2,200 benefit plus $320,000 in savings, she has a foundation that many households lack. Comfort depends less on hitting $1.5 million and more on aligning expenses with income streams.

People in this position often look for ways to stretch what they’ve got to make sure it lasts long enough to cover bills and buy a little peace of mind.

Delay Social Security for bigger checks. Many people file early, but waiting pays. Benefits grow roughly 8% for every year you delay after full retirement age, which can turn a $2,200 check into nearly $2,700 a month at 70.

Tap rental income or fractional real estate. Platforms like Arrived let smaller investors buy shares of rental properties. It’s a way to get exposure to real estate without becoming a landlord.

Use catch-up contributions to pad accounts. Once you hit 50, the IRS lets you put extra money into retirement accounts. In 2025, that’s an extra $7,500 in a 401(k) and $1,000 in an IRA. It’s one of the few legal ways to accelerate savings late in the game.

Rebalance into income-producing assets. Some shift part of their portfolio into dividend stocks, bond funds, or index funds that spin off cash. It’s not glamorous, but reliable income beats chasing lottery returns.

Pick up consulting or side income. Plenty of 60-somethings keep earning part-time — whether through consulting, gig work, or monetizing a skill. Even $10,000 a year can stretch savings dramatically.

Cut the big-ticket expenses. Downsizing a home, refinancing debt, or switching insurance can save more than clipping coupons ever will.

Run the numbers with a pro. A financial advisor can stress-test your plan against inflation, medical bills, and market swings. Even a single check-in can highlight blind spots, but many people keep one on call to update the math as life changes.