Can You Guess How Many People Really Retire With A $1 Million Nest Egg? Hint — It's Actually A Small Percentage!

For years, $1 million has been the magic number—the ultimate goal for a comfortable retirement. It's the figure financial advisors throw around, the milestone people dream of hitting before they clock out for good. But here's the reality check: very few actually make it there. In fact, despite decades of saving, most retirees are nowhere near the million-dollar mark. So, how many actually cross the finish line with seven figures? The answer might surprise you.

16% of retirees report having more than $1 million in savings and assets, according to a 2024 CNBC Your Money Retirement Survey.

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However, when looking at another source, the numbers get even lower. Only 3.2% of retirees have savings exceeding $1 million, based on Federal Reserve and Employee Benefit Research Institute data.

The median retirement savings for Americans aged 65 to 74 is just $200,000—a far cry from that $1 million benchmark.

Many Retirees Are Falling Behind

Not only do most retirees not have $1 million, but a surprising number have little to no savings at all. SurveyMonkey also found:

• 21% of retirees have no retirement savings whatsoever.
• 36% of retirees have less than $50,000 saved.
• 40% of American workers admit they're behind on retirement planning, citing debt, low income, or a late start as the main culprits.

And while Social Security helps, it's not exactly a golden parachute. The average monthly benefit for retirees in 2025 is $1,976—not exactly a luxurious retirement fund.

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Expectations vs. Reality: What Retirement Actually Looks Like

Despite financial concerns, most retirees say their golden years aren't all that bad:

• 78% say retirement has met or exceeded their expectations.
• 21% feel retirement is worse than expected—this number jumps to 32% for those earning under $50,000 a year.
• Higher-income retirees tend to feel better about retirement: 91% of those making $100,000+ a year say it's been about what they expected or better.

Health is a big factor in retirement satisfaction. While most retirees worry about running out of money, the biggest concern is declining health: 31% cite illness as their top retirement fear.

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Can You Retire on Less Than $1 Million?

Most workers expect to retire with less than $1 million, but whether that's realistic depends on lifestyle, location, and spending habits. CNBC found that 57% of current savers are aiming for less than $1 million. The question is: Will that be enough?

Financial planners typically flip the question around. Instead of setting a lump-sum goal, they recommend calculating how much annual income you'll need, factoring in Social Security, pensions, and investments. The 4% rule suggests withdrawing 4% of your portfolio each year for a sustainable income.

• If you want $100,000 per year, you'd need $2.5 million saved.
• With $1 million, you could safely withdraw $40,000 per year—which might be doable, depending on expenses.

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While hitting the $1 million milestone is rare, it's not necessarily the right target for everyone—some will need much more, while others can manage with far less. The key is understanding your expenses, diversifying your income sources, and having a solid plan in place. 

If you're nowhere near that number, you're certainly not alone—but now is the time to assess your options. Consulting a financial advisor can help you create a strategy that aligns with your goals and ensures you don't outlive your savings.

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