Are you one of these 5 types of US retiree? Then you’re much richer than you think. Here’s why

Core Insights - The ideal retirement savings target is $1.26 million according to a survey by Northwestern Mutual, while Fidelity suggests having 10 times one's annual salary saved by age 67 [1][2] - The median retirement savings for individuals in their 60s is significantly lower at $539,068, indicating many retirees fall short of these benchmarks [3] Group 1: Home Ownership - Approximately 40% of U.S. homeowners were mortgage-free as of 2023, with two-thirds of these homeowners being over the age of 60 [4] - Mortgage-free homeowners can enjoy a more comfortable retirement, as they do not face the burden of rent or mortgage payments, which are major expenses for many retirees [4][3] Group 2: Spending Habits - The average annual spending for retirees is nearly $65,149 according to the U.S. Bureau of Labor Statistics [5] - Retirees who adopt a modest spending lifestyle may require less savings to maintain comfort in retirement, with options to reduce living costs such as moving in with family or relocating to more affordable areas [5]