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For adults ages 55–64, retirement readiness depends on more than the balance in a 401(k) or IRA. Pension income, other assets, health and caregiving needs, work options, health coverage before Medicare, and Social Security timing can all shape when retirement is possible and how it is funded. No single savings figure or retirement age fits everyone.
What the numbers say—and what they do not
In the Federal Reserve’s 2025 survey, published in 2026, 73% of adults ages 55–64 reported having a tax-preferred retirement account, such as a workplace defined-contribution plan or an IRA. A separate 39% reported having a defined-benefit pension. These categories can overlap: a person may have both an account and a pension.
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| Asset measure | Adults ages 55–64 | How to interpret it |
|---|---|---|
| Tax-preferred retirement account | 73% | Reports ownership, not the balance or whether savings will cover retirement spending. |
| Defined-benefit pension | 39% | A potential income source distinct from an individual retirement account. |
| At least one listed retirement or other asset | 93% | Includes retirement accounts and pensions, as well as assets such as a home or savings account; it does not mean the assets are liquid or sufficient. |
These are ownership figures, not a measure of how much people have saved. The survey figures do not establish an age-specific balance distribution or a universal amount needed for retirement. A home or bank account, for example, is not automatically income that can be spent on everyday expenses in retirement.
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The Federal Reserve asks non-retirees whether they think their retirement savings plan is “currently on track.” In its 2024 survey, responses from non-retirees overall—not specifically adults ages 55–64—were:
| Response | Non-retirees overall |
|---|---|
| Yes | 35% |
| No | 43% |
| Do not know | 21% |
Totals may not equal 100% because of rounding. This is a self-assessment, not a financial-planner calculation or an objective test of whether savings will last. The “on track” share rose from 2022 and 2023 but remained below the 40% reported in 2021.
If you are unsure how your own plan stands, turn the broad question into a personal estimate: list expected spending, account and pension income, other likely income, and the date each source can begin. Then compare that picture across possible retirement dates. The survey does not supply a target balance or make that calculation for an individual.
Health, caregiving, and work can change the retirement date
A preferred retirement date may not be the date circumstances allow. In the Federal Reserve’s 2024 survey, retirees overall—not only those ages 55–64—reported that health problems contributed to retirement timing for 26%, caring for family members for 15%, and being forced to retire or not having work available for just under one in ten. Respondents could select multiple reasons, so the figures overlap. Taken together, health problems, family care, or lack of work contributed to retirement timing for 42% of retirees.
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Health coverage is a key issue before age 65
Leaving a job before Medicare eligibility can make health coverage part of the retirement-date decision. In the Federal Reserve’s 2024 survey, 83% of retirees who said they worked to keep health insurance were under age 65 and likely ineligible for Medicare. That finding describes this subgroup of retirees; it is not the share of all older workers who need to remain employed for coverage.
Before choosing a date, ask the employer or benefits administrator what happens to your coverage if you stop working, whether retiree coverage is available, and how that coverage coordinates with Medicare when you become eligible. Medicare advises checking whether prescription-drug coverage is creditable and whether enrollment timing affects coverage or costs. Plan terms differ, so verify the rules for your specific coverage rather than assuming an employer or retiree plan will continue unchanged.
Social Security timing depends on age, earnings, and work
The Social Security Administration says retirement benefits may be claimed from age 62 through age 70. In general, waiting longer raises the monthly payment up to age 70; claiming before full retirement age reduces it, while delayed retirement credits can raise it after full retirement age. Your birth year determines your full retirement age. SSA calculates benefits using lifetime earnings, including the highest 35 years, so stopping work before having 35 earnings years or having low-earning years can affect the calculation. As SSA puts it, “We calculate your payment based on your lifetime earnings.”
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Continuing to work and receiving benefits before full retirement age can also interact with the annual earnings test. The limits change by year, so check SSA’s current rules before relying on a dollar threshold. SSA says benefits withheld under the test are recalculated at full retirement age to account for months in which benefits were withheld. Additional work may also add a higher-earning year to the record and potentially increase the benefit.
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These rules create trade-offs, not a universal answer. Compare your own estimates at different claiming ages, the effect of additional earnings years, the income available from accounts or a pension, and the cost and availability of health coverage for each possible retirement date.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare possible retirement dates
Build the comparison around your household’s circumstances rather than a general savings benchmark. For each date you are considering, review:
- Income: expected Social Security benefits at different claiming ages, pension income, and withdrawals or other income from assets.
- Earnings record: how continued work could affect the earnings history used in the Social Security calculation, and whether you would receive benefits while working before full retirement age.
- Health coverage: the coverage available before age 65, its cost and terms, and how any employer or retiree plan coordinates with Medicare.
- Personal constraints: your expected spending, health, caregiving responsibilities, and whether continuing work is feasible and desired.
Use estimates tied to your own record and benefit arrangements. For current claiming rules, consult the Social Security Administration; for Medicare coordination and coverage questions, consult Medicare and your benefits administrator.
Retirement income is often a mix
Social Security remained the most common retirement income source in the Federal Reserve’s 2024 survey. The same survey found that 81% of retirees had one or more sources of private income. These are figures for retirees overall, not specifically people ages 55–64, and they describe a range of income mixes rather than a model every household should follow.
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