Retiring With $1 Million Is Rare—Here's How Many People Actually Do It

Core Insights - Many Americans aspire to retire with a million-dollar nest egg, but the reality shows that only a small percentage achieve this goal [2][3] Group 1: Retirement Savings Statistics - Approximately 2.5% of all Americans have $1 million or more saved in their retirement accounts, with only 3.2% of retirees reaching this threshold [3][5] - Just over half of Americans (54.3%) possess retirement accounts, and among those, only 4.7% have $1 million or more saved [4] - The average retirement savings for households aged 65-74 is $609,000, while the median is about $200,000 [5][6] Group 2: Factors Influencing Retirement Savings - High-income households save an average of $769,000, while middle-income households save only $79,500, indicating a significant income disparity [7] - Education level greatly affects retirement savings, with college graduates having a median retirement savings of $141,700, compared to $44,000 for those with only a high school diploma [8] - Homeownership plays a crucial role, as homeowners average $303,000 in retirement accounts, more than 2.5 times that of renters [8] Group 3: Growth of High-Value Retirement Accounts - The number of "401(k) millionaires" reached a record of approximately 497,000 Americans in 2024, with nearly 399,000 also having at least $1 million in individual retirement accounts [9]