Can You Guess What Percent of Retirees Have $1 Million Saved? Here’s The Average Net Worth Of People 65 and Up

The idea of retiring with a $1 million nest egg has been sold as the finish line for decades—but for most retirees, that number is out of reach. 

Data from the Federal Reserve’s Survey of Consumer Finances, shows that only 4.7% of Americans have at least $1 million saved in retirement-specific accounts such as 401ks and IRAs. Just 1.8% have $2 million, and only 0.8% have saved $3 million or more.

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What Most Retirees Have in Retirement Accounts

Here’s how savings actually look for retirees when split by age group, according to the same Federal Reserve dataset:

Age 65 to 74

• Average retirement savings: $609,230
• Median retirement savings: $200,000

Age 75 and over

• Average retirement savings: $462,410
• Median retirement savings: $130,000

While those averages may seem comforting, the median reveals the reality most people face. Half of retirees 75 and over have less than $130,000 saved—a figure that doesn’t stretch far when you factor in rising medical costs, inflation, and daily living expenses.

In fact, according to Fidelity, older Americans should aim to have around 10 times their pre-retirement income saved by age 67 to maintain their standard of living. The gap between that target and actual savings underscores why many retirees are left navigating tough financial choices.

And it’s not just about individual effort. According to a 2024 report from the Center for Retirement Research at Boston College, an estimated 39% of working households are projected to fall short of maintaining their pre-retirement standard of living. That number reflects households nearing or at retirement age.

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Average Net Worth Beyond Retirement Accounts

While retirement savings alone might fall short, many older adults hold wealth in other forms. The Federal Reserve’s broader measure of household net worth includes home equity, savings, investments, business interests, and debts.

Age 65 to 75

• Average net worth: $1.78 million

Age 75 and over

• Average net worth: $1.62 million

Of course, much of this wealth is tied up in illiquid assets—especially primary residences. A retiree might be a paper millionaire but still feel cash-strapped when it comes to paying bills or covering emergencies.

Tips for Retirees Who Need More Flexibility

If your savings are below average—or just not providing the cushion you hoped for—there are still ways to generate income and stretch your resources.

1. Delay Social Security

For every year you delay taking Social Security beyond your full retirement age, up to age 70, your benefit increases by about 8%. For many retirees, this is one of the most reliable “investments” available.

2. Downsize or Tap Home Equity Strategically

Whether through downsizing, selling a second property, or accessing a home equity line of credit, real estate can be a powerful financial tool. Even modest homes that have appreciated over decades can unlock flexibility in retirement.

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3. Consider Fractional Real Estate Investing

Some retirees are turning to fractional investing in rental properties, allowing them to buy small shares in income-generating real estate without the responsibilities of being a landlord. These platforms provide passive income potential with lower risk than owning a full property.

4. Explore Part-Time or Flexible Work

Many retirees return to work—not out of necessity, but to stay active and supplement their income. Remote consulting, seasonal jobs, and even turning hobbies into micro-businesses can offer low-stress income.

The Finish Line Isn’t a Number

Most retirees won’t reach $1 million in retirement savings—and that’s okay. 

What matters more is finding balance: understanding your net worth, trimming unnecessary expenses, building flexible income streams, and using the assets you do have—whether it’s equity in your home or time on your hands—to support the lifestyle you want.

Retirement isn’t about hitting an arbitrary number. It’s about making smart, steady decisions that work for your life stage—and being willing to shift course when needed.

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