According to a recent AARP survey, about 1 in 4 U.S. adults aged 50 and older say they never expect to retire and 70% are concerned about prices increasing faster than their income.

A GoBankingRates study, for example, found that you’d need over $1.1 million to fund a 25-year retirement in Miami, Florida, compared to nearly $570,000 in McAllen, Texas – based on the annual cost of groceries, housing, utilities, transportation, and healthcare costs.

Data from the Federal Reserve’s most recent Survey of Consumer Finances (2022) indicates the median retirement savings account balance for all U.S. families stands at $87,000.

The average retirement savings account balance for all families is higher, at $333,940, since the wealthiest households tend to drive the average up. This also applies to individual account balances, as illustrated in the following table.