Are You On Track To Retire In The Top 3%? Here's the Surprisingly Low Nest Egg That Gets You There

Group 1 - The million-dollar retirement savings benchmark is significant, with only about 3.2% of retirees having over $1 million saved in retirement accounts, and fewer than 1 in 1,000 reaching $5 million or more [1] - Average 401(k) balances for individuals in their 60s are around $574,000, with a median of $186,902, indicating that half of retirement savers in this age group have less than a quarter of the million-dollar goal [2] - For individuals in their 50s, average savings reach $635,000, but the median is only $253,000, highlighting a disparity where high-income households skew the average [3] Group 2 - Financial planners recommend aiming for 7.5 to 13.5 times the final salary before retirement, suggesting a target range of $750,000 to $1.35 million for someone earning $100,000 annually [4] - Homeownership has created a significant wealth divide, with the median wealth gap between homeowners and renters reaching nearly $390,000, and the average difference exceeding $1.37 million [6] - Homeowner wealth has increased over the past three decades due to rising property values and refinancing opportunities during low interest rates, while renters face challenges in building equity [6]