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Workers in 50s Struggle to Meet Retirement Savings Goals

6/27/2025

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Summary

Story summary

Fidelity reports that workers in their 50s have 401(k) savings averaging $193,100 to $236,200, falling short of the $402,000 to $536,000 target.
Many individuals contribute 15.4% of their income, which is slightly above the recommended rate.
New retirement plans offer increased contribution limits and options for annuities and private investments.
Experts recommend evaluating savings and utilizing catch-up contributions to address shortfalls.

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Story summary

Fidelity reports that workers in their 50s have 401(k) savings averaging $193,100 to $236,200, falling short of the $402,000 to $536,000 target.
Many individuals contribute 15.4% of their income, which is slightly above the recommended rate.
New retirement plans offer increased contribution limits and options for annuities and private investments.
Experts recommend evaluating savings and utilizing catch-up contributions to address shortfalls.