Average U.S. Family Retires With $339,940; How Many Have $1 Million?

In the American mind, reaching the $1 million mark is highly regarded as a major point of success. Having such savings is the benchmark for financial security and wealth-building. This magic number implies a comfortable existence, full of the finer things in life. While the majority of Americans dream of hitting this high number, the truth is that a very small percentage of U.S. residents actually reach it.

According to the Employee Benefits Research Institute and the Federal Reserve, a little more than 3% of Americans have $1 million or more set aside for retirement. Most retirees will rely on a much smaller amount to get them through their golden years. How much an individual is able to accrue before retirement comes down to several factors, including savings habits, education, and income level.

This slideshow reveals statistics in America when it comes to retirement savings. We cover how many people manage to reach the $1 million mark, the average savings according to age group, and smart steps to take toward planning for your future.

How Many Americans Have $1 Million Saved?

• Just over 3% of Americans have at least $1 million saved for retirement.
• This figure is supported by data from both the EBRI and the Federal Reserve.

How Many Have Half a Million?

• Only 4% of Americans have between $500,000 and $999,999 saved.
• The data shows that the majority of Americans fall well below the million-dollar threshold.

Average Retirment Savings

• The average U.S. family has about $339,940 saved for retirement.
• For households aged 65–74, the average increases to $609,340.

Income and Savings Disparity

• Higher-income families tend to save much more—up to $769,000 on average.
• Middle-income families, in contrast, average under $80,000 in retirement savings.

Education Matters

• College graduates average a net worth of $1.52 million.
• High school graduates average around $300,000 in net worth by retirement.

Savings and Market Investment

• The more people save, the more likely they are to invest and grow their savings.
• Employer-sponsored plans like 401(k)s are a key factor for million-dollar savers.

How Much Should You Save?

• Fidelity recommends saving 10x your annual salary by age 67.
• For early retirement at 62, they suggest saving 14x your salary.

Annual Saving Strategy

• Aiming to save 15% of pre-tax income yearly, including employer match, is advised.
• This long-term habit builds a strong retirement foundation.

Merrill’s Guideline

• Merrill Lynch recommends having 12x your pre-retirement salary saved.
• This would cover 80–90% of your expected retirement expenses.

What This Means for You

• Most Americans won’t hit the $1 million mark, but strategic planning helps.
• Assess your income, expenses, and goals to create a personalized retirement plan.

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