Retirement Starts Today Who Has Actually Saved $1 Million for Retirement?
Jun 9, 2025
Only 3% of Americans have saved a million bucks for retirement, emphasizing the need for personal savings goals. The discussion dives into the connection between income, education, and savings success. Tips are provided for managing healthcare costs in early retirement, including strategies for a non-working spouse and dependents. High deductible health plans and Health Savings Accounts are explored as smart options to maximize tax efficiency. Clever ways to help adult kids get their own coverage affordably are also highlighted!
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Only 3% Have $1 Million Saved
- Only 3% of Americans have saved $1 million for retirement, and only 7% have at least half that amount.
- National averages can be misleading; personal retirement targets vary widely.
Education and Income Drive Savings
- Education and income significantly influence retirement savings; college grads average over $1.5 million.
- Middle-income and less-educated groups save substantially less, highlighting disparities in retirement preparedness.
Pensions Are Hidden Million-Dollar Assets
- Pension income is a significant often-overlooked retirement asset, equivalent to having a million-dollar lump sum.
- Only about 20% have pensions, so most must rely on personal savings and Social Security.