‘Deep savings shortfall’: Americans in their mid-50s are critically underprepared for retirement — how to bolster your nest egg during your crucial 10-year countdown

Americans in their mid-50s have a ‘deep savings shortfall’ and are critically underprepared for retirement, a new report finds.

The report, from the Employee Benefit Research Institute, found that the median retirement savings balance for Americans ages 55 to 64 is just $120,000. This is far short of the $260,000 that experts say is needed to maintain a comfortable retirement lifestyle.

The shortfall is due to a number of factors, including:

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Americans are not saving enough for retirement.

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They are not investing their savings wisely.

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They are living longer and spending more in retirement.

The good news is that there are steps that Americans in their mid-50s can take to bolster their retirement savings.

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Increase your savings rate.

If you are not saving enough for retirement, start by increasing your savings rate. Even a small increase can make a big difference over time. *

Invest your savings wisely.

Make sure your retirement savings are invested in a diversified portfolio of stocks, bonds, and other assets. This will help you grow your savings over time. *

Delay retirement.

If you can afford to, delay retirement for a few years. This will give you more time to save and invest for retirement. *

Consider working part-time in retirement.

This can help you supplement your retirement income and reduce your spending in retirement.

It is never too late to start saving for retirement. By taking steps to bolster your retirement savings now, you can help ensure a secure financial future.