Here’s a terrifying statistic: 48% of all American households headed by someone over 55 years retirement of age have no retirement savings whatsoever.

Another one:

The average Social Security benefit this year is $1,543. Do the math. If you have no savings and you’re an average earner, you’ll be living on $1,543 a month in retirement. That means you’ll be moving to Akron Ohio, El Paso Texas or Grand Forks North Dakota where the cost of housing and food is low enough to make ends meet.]

On a positive note, if you have any amount of money saved for your retirement, you’re ahead of half the households in the USA. If not, you can start saving now and leapfrog into the upper tier. But being ahead of a bunch of people who have no savings doesn’t mean you’re ready to retire. It doesn’t even mean you’re on track.
Before you despair, let’s see where you stand, and what you can do about it.

Average retirement savings:

Average household savings by age is shown in the chart below. An average couple age 55 years old would have about $200,000 in savings.

If you retired on that amount today, taking 4% out each year, you’d end up with about $667 a month. That, plus an average Social Security benefit of $1,543 gets you a retirement of $2,210 a month; more if both you and your spouse will receive Social Security benefits.

This could be a nice retirement for some, but you might want to target a higher figure for yours.
Your savings — are you on track?
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Most people say “as much as possible” when asked what their retirement savings should be. Others bark out “two million,” as if that’s some sort of magic number. The truth is that it’s different for each of us and that we all want to just keep living the way we always have.

Your retirement should be financially similar to when you were retirement.

Most experts claim that you should have 8 to 12 years of salary saved up by the time you retire. That amount, coupled with your expected Social Security payments will provide you with a comfortable lifestyle.
It’s easy to calculate. Look at the chart below and multiple your salary times the number corresponding with your age. You’re behind, you need to improve your position. If you’re ahead you can retire earlier or more lavishly.

We are 55 years old, earning ,000 a year you should have 0,000 in your retirement accounts.
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Do you?

How to get more

Since half of all American households have no retirement savings to speak of, there’s a good chance you’re a bit behind your target. But don’t fret, there are plenty of options available.

1. Save and invest more retirement

I realize this is the most obvious answer, but what’s not so obvious is how much to save.
The key to savings growth is the magic of compound growth. If you invest a little when you’re young, like the tortoise in the old fable, a small amount just keeps growing and growing. It’s different if you’re closer to retirement though. You’ll need to be more like the hare and invest quickly with larger amounts.