From Yahoo Finance: 2025-06-13 16:31:00

According to the Federal Reserve’s latest Survey of Consumer Finances, only 4.7% of households with retirement accounts have $1 million or more saved, dropping to 1.8% for $2 million and 0.8% for $3 million. The average retirement savings for households led by someone 65-74 is $609,230, but the median is only $200,000, indicating many fall short. Nearly half of households lack retirement accounts, often due to low wages or lack of financial education. Retired households earn an average of $28,000 annually, varying by state. Social Security is a primary income source for over 90% of retirees.

Experts argue whether $1 million is enough for retirement, with some suggesting $5-10 million may be required for a “safe” retirement. The key is a tailored financial plan focusing on consistency and smart investing, as even small contributions can grow over time. Retirement savings are crucial for covering essential expenses like groceries, property taxes, and healthcare. The data shows that achieving a seven-figure retirement savings goal is rare but possible with dedication and financial planning.



Read more at Yahoo Finance: Way Fewer Than You Think