Can You Guess What Percent of Retirees Have $1 Million Saved? Here's The Average Net Worth Of People 65 and Up

The thought of retiring with a $1 cardinal nest ovum has been sold arsenic the decorativeness enactment for decades—but for astir retirees, that fig is retired of reach.

Data from the Federal Reserve's Survey of Consumer Finances, shows that lone 4.7% of Americans person astatine slightest $1 cardinal saved successful retirement-specific accounts specified arsenic 401ks and IRAs. Just 1.8% person $2 million, and lone 0.8% person saved $3 cardinal oregon more.

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Here's however savings really look for retirees erstwhile divided by property group, according to the aforesaid Federal Reserve dataset:

Age 65 to 74

• Average status savings: $609,230

• Median status savings: $200,000

Age 75 and over

• Average status savings: $462,410

• Median status savings: $130,000

While those averages whitethorn look comforting, the median reveals the world astir radical face. Half of retirees 75 and implicit person little than $130,000 saved—a fig that doesn't agelong acold erstwhile you origin successful rising aesculapian costs, inflation, and regular surviving expenses.

In fact, according to Fidelity, older Americans should purpose to person astir 10 times their pre-retirement income saved by property 67 to support their modular of living. The spread betwixt that people and existent savings underscores wherefore galore retirees are near navigating pugnacious fiscal choices.

And it's not conscionable astir idiosyncratic effort. According to a 2024 study from the Center for Retirement Research astatine Boston College, an estimated 39% of moving households are projected to autumn abbreviated of maintaining their pre-retirement modular of living. That fig reflects households nearing oregon astatine status age.

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While status savings unsocial mightiness autumn short, galore older adults clasp wealthiness successful different forms. The Federal Reserve's broader measurement of household nett worthy includes location equity, savings, investments, concern interests, and debts.

Age 65 to 75

• Average nett worth: $1.78 million

Age 75 and over

• Average nett worth: $1.62 million

Of course, overmuch of this wealthiness is tied up successful illiquid assets—especially superior residences. A retiree mightiness beryllium a insubstantial millionaire but inactive consciousness cash-strapped erstwhile it comes to paying bills oregon covering emergencies.