Overview
- New Federal Reserve data reported by Investopedia show just 2.5% of Americans hold at least $1 million in retirement accounts and only 3.2% of retirees do.
- Only 54.3% of Americans have any retirement account, and among those savers just 4.7% have reached seven figures.
- For households aged 65–74, average retirement savings total about $609,000 while the median is roughly $200,000, falling to a $130,000 median for those 75 and older.
- Including all assets such as real estate lifts the share of U.S. households with $1 million or more in total assets to about 18%.
- Gaps track income, education and homeownership, even as Fidelity counts a record ~497,000 401(k) millionaires in 2024 and estimates it typically takes about 27 years to reach that level; separate Empower data put median 401(k) balances at $162,143 in the 40s and $251,758 in the 50s.