Group 1 - The wealthiest 10% of U.S. households have a net worth starting around $1.6 million, but for households in their 60s, this threshold is closer to $3 million [2][3] - The median net worth for households aged 65-74 is approximately $410,000, indicating that very few reach the $1 million mark [4] - The 95th percentile for individuals aged 60-69 exceeds $5 million, while the top 1% requires a net worth of over $13-15 million [3] Group 2 - The perception of needing $1 million for retirement is outdated, as the reality of wealth accumulation through real estate, stock market gains, and business ownership raises the bar significantly [5] - Wealthy individuals employ advanced financial strategies beyond traditional retirement accounts, often utilizing tax optimization techniques to retain more wealth [6]