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Are You On Track To Retire Rich? Here's The Nest Egg You Need To Be Considered a Wealthy Retiree


Retirement planning feels like solving a puzzle with half the pieces hidden. You know you're supposed to save, but how much is enough to secure a comfortable – or even wealthy – retirement? Here's what you need to know to set yourself on the right path.

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What Does It Mean to Be "Wealthy" in Retirement?

In retirement, "wealthy" is more about peace of mind than yachts and fancy cars. It means having enough to enjoy life without worrying about outliving your money. Financial experts often define a "wealthy" retirement as having $1 million or more in net retirement assets, excluding your primary residence. This means investments, savings and property – minus any outstanding debts.

According to a 2024 survey from Northwestern Mutual, most Americans believe they need an average of $1.46 million to retire comfortably. But the actual average retirement savings? Just $88,400. That gap shows many Americans are far from feeling financially secure about their golden years.

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Where Do You Stand? Average Retirement Savings by Age

Curious if your retirement savings are on track? Here's what the 2022 Federal Reserve Survey of Consumer Finances says the average savings look like at each age range:

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 over: $462,410

These numbers reflect an increase in savings with age but are still well below that ideal $1.46 million benchmark. Only 10% of people approaching retirement have at least $1 million in their retirement accounts, according to The Pew Charitable Trusts.

What Wealthy Retirees Have Saved

The numbers are a bit higher to be in the top 10% of retirees by net worth. According to a Motley Fool report, the median retirement account balance among this group is $900,000 and the average balance is close to $1.3 million. So, if you're aiming to join the "wealthy retiree" club, a seven-figure nest egg is a realistic goal.

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Factors That Will Shape How Much You Need for Retirement

Retirement looks different for everyone and your circumstances and goals shape the amount you'll need. Here are some key areas to keep in mind as you estimate your retirement savings needs: