Core Insights - The traditional notion of retiring with a $1 million nest egg is increasingly unrealistic for most Americans, with only 4.7% having at least that amount saved in retirement accounts [1] - The median retirement savings for those aged 75 and over is significantly lower, with half having less than $130,000, highlighting the financial challenges faced by many retirees [2] - Fidelity suggests that older Americans should aim to save around 10 times their pre-retirement income by age 67 to maintain their standard of living, indicating a substantial gap between recommended savings and actual amounts [3] - A report from the Center for Retirement Research indicates that 39% of working households are projected to fall short of maintaining their pre-retirement standard of living, particularly affecting those nearing retirement [4] - The average net worth for individuals aged 65 to 75 is $1.78 million, while those aged 75 and over have an average net worth of $1.62 million, although much of this wealth is tied up in illiquid assets like home equity [5] - Average retirement savings stand at $609,230, with a median of $200,000 for those aged 65 to 75, and average savings of $462,410 with a median of $130,000 for those aged 75 and over [6]