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Ask someone what it takes to feel rich in retirement, and they’ll usually throw out a big number — a million, maybe two, maybe ten. But in reality, if you’ve saved $1 million or more, you already have more than 97% of retirees in the U.S. That’s not a feeling — it’s a fact.
Data from the Federal Reserve Survey of Consumer Finances shows only 3.2% retirees have more than $1 million saved. That puts you squarely in the top 3%, even if it doesn’t feel like you’re living large.
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Still, some financial experts say even that might not be enough. Suze Orman has warned that $1 million doesn’t stretch the way it used to — and in her words, even $2 million is “pennies.” She recommends aiming for at least $10 million, stressing that most people dramatically underestimate the cost of retirement — especially when it comes to health care, longer lifespans, and inflation.
But that target is far out of reach for most Americans. Federal data also found 54% of U.S. households have no retirement savings at all. That staggering stat reveals just how wide the retirement gap really is — and why averages can be misleading. Most data reflects only those actively saving, which leaves out millions who aren’t in the game at all.
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Still, among savers, here’s what people actually have in retirement accounts:
Under 35: Median $18,800; Mean $49,130
Ages 35–44: Median $45,000; Mean $141,520
Ages 45–54: Median $115,000; Mean $313,220
Ages 55–64: Median $185,000; Mean $537,560
Ages 65–74: Median $200,000; Mean $609,230
Ages 75 and over: Median $130,000; Mean $462,410
And while Americans say they’ll need $1.26 million to retire comfortably according to Northwestern Mutual’s 2025 Planning & Progress Study, most are nowhere near that number. That estimate is down from $1.46 million in 2024, but still six times higher than the median savings of most people nearing retirement.
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There is one silver lining: people who do have access to retirement plans are saving more. In early 2025, 401(k) contribution rates hit a record high of 14.3%, as reported by Fidelity. But again, that only helps if you’re participating — and many aren’t.
