And when you go beyond employer-sponsored retirement plans like a 401 (k), an IRA is a key — often complementary — retirement savings tool that can help workers amass more money in their golden years.

We see this happen slightly in the median 401 (k) balance column when going from the 55-to-64 age group ($95,642 median balance) to the 65+ age group ($95,425 median balance).

On one hand, the roughly 594,200 claimants who were receiving (and claimed) a payout at age 62 brought home an average of $1,341.61 in December, or 32% less than the average retired-worker check ...

The typical retirement age in 2024 was 64 for men, 62 for women. The upward trend is slow, but striking. In 1994, the average man worked to age 61, while the typical woman clocked out at 59.

In 2024, across the 4.8 million accounts included in the report, those in the youngest age group -- 25 and below -- had the lowest participation rate and the lowest average account balances.

The average age at which men in the U.S. retire had been rising steadily since the 1990s, but it’s finally leveling off. Even with today’s financial uncertainty, it’s unlikely to go much ...