Data on retirement savings for 55-year-olds shows a significant disparity between average and median amounts, reflecting a skewed distribution where a few large savers pull up the average. Various sources, including Vanguard and the Federal Reserve, suggest the median 401(k) balance for individuals aged 55-64 falls in the range of roughly $70,000 to $90,000. The average balance, however, is often considerably higher, typically exceeding $200,000. These figures suggest that many people have far less saved for retirement than they should, based on common guidelines like having multiple times your salary saved by that age. It’s important to focus on your personal savings goals rather than just comparing yourself to these national statistics.