How the Average American Retirement Looks in 60 Seconds

Retirement balances for accounts like 401(k)s and IRAs for people that are 65 years of age or older averaged roughly $400,000. About 12% of households have over $1 million and about 6% have between $700,000 and $1 million.
For most people, social security benefits are going to be the major source of income during retirement. The average monthly benefit is $1,825 which is an 8.7% increases versus last year. The longer you delay the start of social security benefits, the more money you will get each month.
Households composed of people 65 years of age and older spend over $7,000 a year on healthcare on average. About $5,000 of this is for health insurance, $1,000 is for supplemental Medicare plans, $1,000 is for medical services like eye and dental care, and over $700 is for prescription and nonprescription drugs.
Works Cited:
https://www.wsj.com/articles/retirement-charts-social-security-savings-health-efa1962b?mod=hp_lead_pos7