Reaching the $1 million mark in retirement savings is a significant success measure in the U.S. However, only just over 3% of Americans achieve this goal. Average retirement savings for American families is around $339,940, escalating to about $609,340 for those aged 65-74. Disparities in savings are evident, with higher-income families saving an average of $769,000, while middle-income families save less than $80,000. Educational attainment also impacts net worth significantly, with college graduates averaging $1.52 million compared to $300,000 for high school graduates.
Just over 3% of Americans have at least $1 million saved for retirement. This figure is supported by data from both the EBRI and the Federal Reserve.
The average U.S. family has about $339,940 saved for retirement. For households aged 65-74, the average increases to $609,340.
Higher-income families tend to save much more—up to $769,000 on average. Middle-income families, in contrast, average under $80,000 in retirement savings.
College graduates average a net worth of $1.52 million. High school graduates average around $300,000 in net worth by retirement.
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