The future is calling for plans that stand the test of time. By 2034, there will be more people over 65 than under 18 for the first time in history. In addition, the number of centenarians is expected to quadruple by 2054.

The shift shines a spotlight on the importance of crafting financial strategies that are built to last. Research from Empower shows that $1,058,547 is the average amount considered necessary for a comfortable retirement. Checking in on the average retirement savings by age can provide clarity for the road ahead.

— The Editors 

💰 Social Security boost: Social Security is rolling out its first significant update in 20 years,* with over 2.5 million public sector workers — firefighters, teachers, and others — seeing an average monthly bump of $360. The increase will be retroactive to December 2023, so some recipients will receive a lump sum. Deciding when to collect Social Security benefits can be an essential step to maximize income during retirement.

🍪 Cookie time: The cost of baking cookies is up 8%, according to the November Consumer Price Index (CPI), and the popular Girl Scout cookie lineup is rising to $7* a box in some areas. Fans can snag a box of Thin Mints for the freezer but it’s farewell to the S’mores and Toast-Yay! varieties at the end of this selling season.

🥚 Still the breakfast of champions: Egg prices are up 36.8%* year over year as of December. Some customers are weary of rising prices, with around 27% not willing to pay more for many household staples, or else they’ll cut the items from their shopping lists, according to Empower findings. See which ones on The Currency™.

🤖 Built to clean: About 18.5 million* units of robot vacuums were shipped worldwide in 2023, sweeping up a market value of $7.8 billion. With Americans valuing their time at $240 per hour, according to Empower research, it’s no surprise that consumers are investing in tech-forward cleaning products. New robot vacuums on the market include one model that can climb small steps (priced at $1,699*), while another sports a mechanical arm* capable of picking up socks and other objects. 

First in the IPO line

Smithfield Foods is making a comeback — to the U.S. stock market. After being listed on the New York Stock Exchange from 1999* until it was acquired and taken private in 2013, Smithfield is the first company in 2025 to publicly file for a New York initial public offering (IPO). The pork producer is expected to be valued at no less than $5.38 billion.

Productivity marathon

Americans’ efforts at work are worth celebrating, as productivity continues to grow. The third quarter of 2024 marked the fifth consecutive quarter of 2% or higher growth. Meanwhile, job quitting rates dipped to 1.9%, the lowest in recent months. The unemployment rate — 4.1% in December — is near historical lows dating to the late 1940s.

Returns on repeat

Returns are expected to ring up around $890 billion, which accounts for 17% of all merchandise sales in 2024. Due to the cost of returns, 81% of retailers rolled out stricter policies in 2023, including extra shipping charges and narrower return windows. 

Logistics company DHL Supply Chain has acquired returns-service provider Inmar Supply Chain Solutions to help address the returns volume and plans to add 14* U.S. warehouses to manage merchandise being sent back to retailers.

New dog on the block

The Danish-Swedish farmdog* has officially joined the American Kennel Club, adding a new furry face to competitions like the 149th* Annual Westminster Kennel Club Dog Show, taking place in New York City in February.

Winning the trophy doesn’t fetch any prize money, though best-in-show partnerships have helped previous top dogs leave their mark: The Kennel Club and Topps have created collectible cards* of historic winners. The trading card market has reached a tail-wagging $44 billion.

Empower Personal Dashboard^TM data shows that, on average, Americans spent $318 a month on their pets in 2024 — more than monthly expenses on utilities ($260), personal care ($258), and gas ($203).