Can You Guess What Percent Of People Actually Retire With A $2 Million Nest Egg? Here's A Hint – Aim Really Low

Imagine sitting on a beach, the waves gently lapping at the shore as you sip on a drink with a tiny umbrella. That's the $2 million retirement dream—financial freedom to enjoy your golden years in style. But how many people actually reach that goal?

Spoiler Alert: It's a Tiny Fraction

The dream of retiring with $2 million is just that for most—a dream. According to Federal Reserve, only about 3.2% of retirees have over $1 million saved. And if you're aiming for the $2 million club? Well, the number is even smaller. We're talking about a sliver of a sliver—somewhere between that 3.2% and the razor-thin 0.1% who have $5 million or more.

Don't Miss:

• The average American couple has saved this much money for retirement — How do you compare?
• Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.

How Does $2 Million Stack Up Against Average Savings?

For most Americans, $2 million is far out of reach. According to the 2022 Federal Reserve Survey of Consumer Finances, the latest available data, the average retirement savings for different age groups shows just how few people come close to that milestone:

• Under 35: $49,130
• 35 to 44: $141,520
• 45 to 54: $313,220
• 55 to 64: $537,560
• 65 to 74: $609,230
• 75 and older: $462,410

Trending: 69% of Millionaires Never Earned A Six-Figure Salary – Here Are 2 Things They Do To Get Their First $1 Million, According To Dave Ramsey

How Much Do You Need to Save Monthly to Hit $2 Million?

If you're aiming for $2 million by age 72, how much do you actually need to save every month? The earlier you start, the easier it is.

Starting at 25, you'd need to save about $490 per month assuming a 7% annual return (the historical average of the S&P 500).

Waiting until 30, that number jumps to $700 per month.

Starting at 35, you're looking at $1,008 per month.

By 40, you'd need to put away around $1,465 per month.

At 45, the number climbs to $2,169 per month—which is where many people start feeling the pressure.

The later you wait, the harder it gets. This is why early investing is key.

See Also: Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.

What Sets the $2 Million Achievers Apart?

1. Early Start – Time is your best friend when it comes to retirement savings. The earlier you begin, the less you have to save each month to hit your goal.
2. Consistency – Regular contributions, even when the market is down, matter. Sticking to a long-term savings plan is key.
3. Professional Guidance – Many high-net-worth retirees consult financial advisors to optimize their investments, reduce tax burdens, and ensure their money lasts. Working with a certified financial planner can help you develop a strategy tailored to your goals.
4. Smart Investing – Long-term investments in stocks, index funds, and ETFs historically outperform savings accounts. Those who reach $2 million put their money to work.
5. Higher Income, Higher Savings – The top 10% of households have an average of $769,000 saved for retirement. Earning more makes hitting $2 million more achievable.
6. Education Matters – College graduates tend to have more than three times the retirement savings of those with just a high school diploma. Higher income potential leads to greater savings.
7. Homeownership Helps – Homeownership plays a major role in retirement readiness and overall financial security, and the numbers prove it. According to USA Today, the median net worth of renters is just $10,400, while homeowners have a median net worth of $400,000—a staggering 3,746% more.

Is $2 Million Even Enough?

Here's the real question—if you hit $2 million, will it be enough? That depends on where you live, your expenses, healthcare costs, and lifestyle. For some, it might be more than enough. For others, it could just scratch the surface.

One thing is clear: getting to $2 million puts you in an elite group of retirees. Whether it's enough? That's up to you. But waiting to start saving only makes it harder—so the sooner you start, the better your chances.

Editor’s Note: Some elements of this story were previously reported by Benzinga and it has been updated.

Read Next:

• ‘Which Bucket Do I Draw From First?’ Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts
• If You're Age 35, 50, or 60: Here’s How Much You Should Have Saved Vs. Invested By Now