The average retirement savings balance among 55- to 64-year-olds was about $538,000 as of 2022, according to the Federal Reserve. But the median balance among that age group was only $185,000 as of two years ago. And with a discrepancy like that, it's fair to assume that $185,000 is more representative of older workers' savings balances than $538,000.

If your IRA or 401(k) plan balance is considerably lower, though, then you may be worried about retiring on time -- especially if you're already well into your 50s. The good news, though, is that it may still be possible to retire by your mid-60s if that's the time frame you're targeting. Here are some steps to catch up on savings by age 65.

Image source: Getty Images.

Continue reading

Source Fool.com