These days, most people think the only way they can afford to retire is as millionaires. More specifically, most Americans think the magic number is $1.26 million, according to a 2025 Northwestern Mutual survey. [1]

Though, only a small minority of people will have that much when they clock out of work. In fact, according to a Congressional Research Service analysis of the 2022 Federal Reserve data, only 4.6% of American households had more than $1 million in their retirement accounts.

The same data revealed that the median retirement nest egg was only $88,000 across all American households.

Older Americans were more likely to be in the seven-figure club. According to the American Society of Pension Professionals and Actuaries (ASPPA)’ s analysis of the same data, 9.2% of those aged 55 to 64 had $1 million or more in their retirement accounts. [2]

Still, that’s nearly 90% of Americans that aren’t anywhere close to the magic number.

There are ways to improve your odds of getting to a $1-million-plus nest egg, but it will take work. Here are the top three big money moves you can make to secure your spot.

As of mid-2025, Americans’ average personal savings rate was just 4.7%, according to the U.S. Bureau of Economic Analysis. Simply put, for every $20 in disposable income, most people were saving less than $1.

If you can save more than this,you coudl put yourself ahead of most of your peers. Aim for a monthly savings rate of at least 10% to improve your odds of a million-dollar retirement.

Seniors and Debt: How to Achieve a Debt-Free Retirement

Many American seniors are carrying credit card debt – in fact, 9% also have medical debt, according to AARP. [6] It’s getting harder and harder to retire without debt weighing you down.

But don’t lose hope.Combining a solid savings and investment plan with a strong debt management strategy could help you enjoy your retirement years to the fullest.

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