Retirement Savings Is Down $20K From a Year Ago — 4 Moves To Make Right Now

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There’s a big gap between what Americans think they should have saved up for retirement and what they actually do have saved up. That gap grows wider when retirement savings decline rather than increase — a problem that many retirees currently face.

Retired Americans believe it takes an average of $823,800 in savings and investments to retire comfortably in 2026, according to a new survey of 1,000 retirees from Clever Real Estate. That figure is well up from $580,310 only a year earlier.

In terms of real money, however, retirees have an average of just $288,700 in their nest eggs. What’s more, this year’s savings average is about $20,000 less than the $308,040 recorded in 2025.

Average retirement savings in the U.S. not only falls short of what people think they need — it also represents only about half of the $560,000-plus recommended by Fidelity based on its formula of saving about nine times your annual salary at age 65.

The current shortfall partly explains a pattern of “broad pessimism” among many retirees and their peers about their financial situation, according to Clever. Nearly two-thirds (64%) or survey respondents said the U.S. faces a “retirement crisis.”

Here are some other highlights from the survey:

• Nearly three in 10 respondents (29%) said they have no money saved for retirement.
• A majority (51%) have no plan if their retirement savings run out, and 43% say they would prefer to die than have that happen. 

If you’re at or nearing retirement age and don’t have adequate savings, here are four moves to make right now to get back on track.

Review Your Budget

When consumer prices rise sharply — as they have in recent years — it puts added importance on reviewing your budget, adjusting it as needed, and then sticking to it. But nearly four in 10 (39%) retirees admit they don’t stick to a strict budget, according to the Clever survey.

If you find that your nest egg is getting eaten up too quickly by everyday expenses, then it’s time to review those expenses and figure out what you can cut. A good place to start is with discretionary purchases such as dining out, peak-season travel, gym memberships and subscriptions you don’t use.

Rein In Family Financial Support

It’s not uncommon for seniors to help their children, grandchildren and other family members out once they retire. More than one-third (35%) of the Clever survey respondents said they’ve provided financial support to their adult children or grandchildren since retiring.

While it’s good to be generous, you also have to set limits. If you struggle to pay your own bills then that should be your priority — and you’ll need to let your family know about it.  

Even if you do have extra money to help support other family members, give them guidelines on what you can afford and don’t go above that amount.

Boost Your Income

The majority of U.S. retirees (70%) have adjusted their lifestyles to accommodate their retirement income, yet 36% say their standard of living has declined in retirement.

The change is substantial enough that 31% of the Clever survey respondents said they’ve considered going back to work either part-time or full-time to earn additional income.

If you’d rather get a side gig that offers flexible hours, those suitable for seniors include tutor, life coach, proofreader and freelance writer.

Downsize To a Less Expensive Home

Nearly three-quarters of American retirees (73%) say they would “do everything possible” to stay in their home even if they could barely afford it, according to the Clever survey.

But at some point you might not have a choice — especially if you live in a home that sticks you with high property taxes, homeowners’ association (HOA) fees, maintenance costs and repairs. Moving into a less expensive home could help you save hundreds of dollars a month.

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