Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.<\/p>\n
Retirement worries rarely start with spreadsheets. They start with conversations\u2014about 401(k)s, investments, or stock market wins. That’s when comparisons get personal.<\/p>\n
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.<\/p>\n
But the comfort of that balance collapsed when a longtime friend, who built a career in tech, revealed a nest egg of $2 million<\/a>. Suddenly, her $320,000 didn’t feel like progress. It felt like a shortfall.<\/p>\n 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<\/a> of just $185,000. The average is much higher\u2014over $537,000\u2014but that figure is distorted by wealthy outliers at the top. Fewer than 2% of households ever reach<\/a> the $2 million mark.<\/p>\n Don\u2019t Miss:<\/strong><\/p>\n 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.<\/p>\n Surveys from Northwestern Mutual<\/a> and Schroders suggest many Americans believe they need $1.2 to $1.5 million to retire comfortably<\/a>. That expectation has become a cultural benchmark, even though the reality is more nuanced.<\/p>\n Social Security plays a crucial role. The average retired worker<\/a> 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.<\/p>\n 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.<\/p>\n Delay Social Security for bigger checks. <\/strong>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.<\/p>\n<\/li>\n Tap rental income or fractional real estate.<\/strong> Platforms like Arrived let smaller investors buy shares of rental properties<\/a>. It’s a way to get exposure to real estate without becoming a landlord.<\/p>\n<\/li>\n Use catch-up contributions to pad accounts. <\/strong>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.<\/p>\n<\/li>\n Rebalance into income-producing assets.<\/strong> 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.<\/p>\n<\/li>\n Pick up consulting or side income.<\/strong> Plenty of 60-somethings keep earning part-time \u2014 whether through consulting, gig work, or monetizing a skill. Even $10,000 a year can stretch savings dramatically.<\/p>\n<\/li>\n Cut the big-ticket expenses.<\/strong> Downsizing a home, refinancing debt, or switching insurance can save more than clipping coupons ever will.<\/p>\n<\/li>\n Run the numbers with a pro.<\/strong> A financial advisor<\/a> 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.<\/p>\n<\/li>\n<\/ul>\n Story Continues <\/p>\n Retirement isn’t about chasing your friend’s balance. Some people live well on less, others swear they need millions. It depends on lifestyle, expenses, and how you want to spend your time once the paychecks stop. Averages and benchmarks make for good headlines, but the “right number” isn’t universal. It’s personal.<\/p>\n See Next:<\/strong><\/p>\n Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.<\/p>\n Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100<\/strong><\/a>. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.<\/p>\n For those seeking fixed-income style returns without Wall Street complexity, Worthy Bonds offers SEC-qualified, interest-bearing bonds starting at just $10<\/strong><\/a>. Investors earn a fixed 7% annual return, with funds deployed to small U.S. businesses. The bonds are fully liquid, meaning you can cash out anytime, making them attractive for conservative investors looking for steady, passive income.<\/p>\n Self-directed investors looking to take greater control of their retirement savings may consider IRA Financial. The platform enables you to use a self-directed IRA or Solo 401(k) to invest in alternative assets such as real estate, private equity, or even crypto<\/strong><\/a>. This flexibility empowers retirement savers to go beyond traditional stocks and bonds, building diversified portfolios that align with their long-term wealth strategies.<\/p>\n Range Wealth Management takes a modern, subscription-based approach to financial planning. Instead of charging asset-based fees, the platform offers flat-fee tiers that provide unlimited access to fiduciary advisors along with AI-powered planning tools<\/strong><\/a>. Investors can link their accounts without moving assets, while higher-level plans unlock advanced support for taxes, real estate, and multi-generational wealth strategies. This model makes Range especially appealing to high-earning professionals who want holistic advice and predictable pricing.<\/p>\n For investors concerned about inflation or seeking portfolio protection, American Hartford Gold provides a simple way to buy and hold physical gold and silver within an IRA or direct delivery<\/strong><\/a>. With a minimum investment of $10,000, the platform caters to those looking to preserve wealth through precious metals while maintaining the option to diversify retirement accounts. It’s a favored choice for conservative investors who want tangible assets that historically hold value during uncertain markets.<\/p>\n This article At 60, I Have $320,000 Saved For Retirement \u2014 But My Friend Is Sitting On A $2 Million Nest Egg. Am I Behind or Can I Still Catch Up?<\/a> originally appeared on Benzinga.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. 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