A newly minted retiree of 65 can now expect to live 20 more years, on average, according to Social Security projections, reports The Hill. Without a retirement account, most retirees count on Social Security. The average monthly Social Security check to a retired worker is around $1,800. However, the average household run by an American older than 65 spends more than $4,000 a month. 

If the goal is to retire in relative comfort, Americans assume they will need something closer to $1.1 million, according to a survey by Schroders, an asset management company. But the average retirement account held just over $100,000 at the close of 2022, according to a Fidelity analysis.

More than half of Americans will eventually need long-term care. Someone who turns 65 today will incur $120,900 in future long-term care costs, on average, by one estimate.

Teachers Insurance and Annuity Association of America (TIAA), a financial services organization, echoes the alarm. “In addition to closing the 30% gender retirement gap, we’re also focused on the 54% of Black Americans who, due to a system of inequities, don’t have enough savings to retire.”

The good news, retirement experts say, is that an older American with insufficient retirement funds still has plenty of options.  Read More:  Nearly Half of Baby Boomers Have No Retirement Savings
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Additionally, TIAA offers a calculator: What Do I Need to Retire?, to help you find out where you stand with your retirement savings below.