Overview
- Only 4.7% of Americans have at least $1 million in retirement accounts, according to Federal Reserve data.
- For ages 65 to 74, the median retirement balance is $200,000 versus a $609,230 average, highlighting how large accounts skew the mean.
- A Schroders survey shows Gen X expects to need over $1.1 million but to retire with about $712,000, a gap exceeding $400,000.
- Social Security timing is pivotal: claiming at 62 cuts benefits by about 30% versus full retirement age, and delaying to 70 raises payments roughly 8% per year.
- AARP reports 20% of adults over 50 have no retirement savings and 61% worry their money will not last through retirement.