Think you're ready to retire? Here's the average savings for a 60-year-old, plus 4 ways to catch up if you're behind

Think you're ready to retire? Here's the average savings for a 60-year-old, plus 4 ways to catch up if you're behind Bricolage/ Shutterstock Moneywise Thu, June 11, 2026 at 10:45 PM GMT+7 8 min read Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. One in five Americans over the age of 50 doesn’t have any retirement savings, according to a survey by the AARP (1). And even if you have something tucked away, it may not be enough. The ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100 The IRS usually taxes gold as a collectible — but this little-known strategy lets you hold physical bullion tax-free. Get your free guide from Priority Gold Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP Federal Reserve (2) data shows that the median retirement savings for households with members between ages 55 and 64 is around $185,000. While that might seem like a lot, it is likely not sufficient to secure a comfortable retirement. Let’s do the math. Further data from the Bureau of Labor Statistics finds the average retiree spends $59,616 a year, or a little less than $5,000 a month (3). With the estimated average Social Security check hitting only $2,071 a month in January 2026 (4), that’s a difference of almost $3,000 per month. From these numbers alone, it’s clear today’s retirees will need ample savings to bridge the gap — and they know it. In a survey published by Clever Real Estate in January 2026, American retirees said they believed the average retiree will need $823,000 in savings and investments to cover their retirement in the coming years (5). Meanwhile, the average American believes the “magic number” is closer to $1.46 million, based on research by Northwestern Mutual (6). If these numbers are starting to make your own retirement plan seem trivial, not all hope is lost. It’s never too late to ramp up your retirement savings, so here are four tips to secure your nest egg. First up, you don’t have to navigate your retirement savings alone. People who work with financial advisors can see up to 3% increased returns through a combination of asset allocation, investment selection, systematic rebalancing and tax management, according to a report by Envestnet (7). This is backed up by research from Vanguard, which suggests investors can see a perceived value add of 3% when working with an advisor (8). So, if you want to ensure you’re maximizing your retirement contributions, it could pay to speak to a qualified financial advisor. Advisor.com connects you with licensed financial professionals in your area who can provide personalized guidance. How it works is simple: Just enter a bit of basic information about yourself, like your ZIP code and retirement goals. Then Advisor.com will match you with a professional advisor who can help you determine how many years you have left to invest and assess your comfort level with market fluctuations — two key factors in building the right asset mix for your portfolio. They can also offer advice on other key retirement considerations such as eligibility for taxable deductions. Even better, you can schedule a free, no-obligation consultation to discuss your retirement goals and long-term financial plan to make sure they’re the right fit for you and your portfolio. Read More: Thanks to Jeff Bezos, you can become a landlord for $100 — without the headache of actually being one Investing in gold can be a solid alternative to preserve your nest egg. Unlike the U.S. dollar, which has lost 87% of its purchasing power between 1971 and 2023 (9), gold’s value tends to remain stable over time. Gold is regarded as a hedge against inflation for a simple reason: It can’t be printed out of thin air like fiat money. In fact, investor enthusiasm for the yellow metal has recently propelled it to record levels, with gold prices jumping over 30% since this time last year (10). Despite a correction in late January, J.P. Morgan estimates that gold could hit highs of between $6,000 and $6,300 per ounce by the end of 2026 (11). “Traditionally, a weaker dollar and lower U.S. interest rates increase the appeal of non-yielding bullion,” noted a less bullish report on gold from J. P. Morgan from December (12). “It has low correlation with other asset classes, so can act as insurance during falling markets and times of geopolitical stress.” A gold IRA is one option for building up your retirement fund with an inflation-hedging asset. Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA. With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver. If you’re curious whet

Think you're ready to retire? Here's the average savings for a 60-year-old, plus 4 ways to catch up if you're behind

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