A new Fidelity analysis shows the average American now needs $1.5 million in retirement savings to maintain their standard of living, up from $1.2 million just three years ago due to inflation and rising healthcare costs.

The Gap

The median retirement savings for Americans aged 60-69 is just $185,000 — a staggering shortfall. Only 14% of pre-retirees are on track to reach the $1.5 million target.

Solutions

Financial planners recommend maximizing 401(k) matches, catch-up contributions after 50, and delaying Social Security to age 70 to boost monthly benefits by 24%.