Are You In The Top 3% Of Retirees? Here's The Shockingly Low Amount You Need Saved To Rank Among The Richest

[nmmi]

Ivy Grace, Benzinga, 12/11/24
https://finance.yahoo.com/news/top-3-retirees-heres-shockingly-203017202.html

. . . According to data from the Federal Reserve and the Employee Benefit Research Institute, just 3.2% of retirees have saved over $1 million. That's not chump change, but it's also not the $5-$10 million range some financial gurus – like Suze Orman – insist you must live comfortably.

If you're dreaming of $3 million or more, though, you're officially aiming for a financial VIP club that represents less than 1% of retirees. ...

Less than 0.1% of retirees hit the $5 million+ range

For context, the average American household's net worth (including home equity, investments and other assets) is about $1.06 million. But here's the kicker: The median net worth – the point where half of households fall below – is much lower. Translation? Most people ((96.8% -nmmi)) don't even hit millionaire status.

Emphasis added. I also broke into more paragaphs to make it more readable

[markodochartaigh]

1. Bill Gates walks into a bar.

On average everyone is a millionaire. But the median barely changed.
When the distribution is very uneven the median (half above, half below) can tell you a lot.

[Silent Type]

2. +1. Yeah, when I read some of the so-called experts, I feel like an retirement savings incel.

For example, theoretically $1000 a month for 20 years in Social Security is essentially like having $200,000 now. (using 3% as estimate). Unfortunately, you can’t blow that on a good time in a few weeks.

At least that’s what I tell myself when I look at my bank account.

[marybourg]

3. Most people live paycheck-to-paycheck; certainly not a lifestyle

that demands a $5 million retirement nest egg.

[stollen]

6. Suze is out of touch with reality

[Tactical Peek]

4. The median net worth is about $192,900 - half of households above, half below.

$192,900 median

Half of the households above, the other half below.

https://www.businessinsider.com/personal-finance/banking/average-american-net-worth

[stollen]

5. Suze is full of crap

I live comfortably at a much lower rate. Her commentary must have sparked a lot of panic.

[exboyfil]

7. I pushed the numbers when laid off at 60

and even sitting at the magic number of $1M isn't enough even with a small company pension and SS.We are not talking about any exceptional lifestyle either.