But you still have plenty of time to make up for it, especially if you're under 40. In fact, one of the top ways most Americans become millionaires by retirement is by consistently contributing to retirement accounts. According to a Fidelity survey, for example, there are more 401(k) millionaires on its platform than ever before.
According to Schroders' 2025 US Retirement Survey, 19% of retirees are 'struggling' or 'living the nightmare' while just 5% said they were 'living the dream'.