Here’s how many Americans actually have $1 million (or more) by the time they retire — and the 3 big moves they made to do it. Are you on track?

However, 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.

1. Supercharge your savings

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

If you can save more than this, you could 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.

To do this, maximize contributions to tax-efficient savings plans like the 401(k), Roth IRA and others and see if your employer matches any contributions.

Consider switching jobs to an employer who will either pay you more or match your contributions. You could also sign for one of several online platforms that enable you to automate your savings so that you’re always on track.

2. Focus on a tried-and-tested investment strategy and stick with it

Passively investing in low-cost index funds has become the norm. In fact, for the past nine years, passive index funds have attracted more capital than active funds, according to Morningstar. [3]

It could be because passively investing in low-cost index funds has been relatively easy and lucrative in recent years. Vanguard’s S&P 500 ETF has delivered an annualized return of 13.62% since 2015. [4]

This is slightly above the historical average, which is 10.33% since 1957, according to Investopedia. [5]

While past performance isn’t an indicator of future returns, if you assume 10% annual returns and commit to a 10% annual savings rate on a salary of $70,000, you could get to $1 million within 29 years.

Even if you’re 40 years old, deploying this plan today could get you into the seven figure club by the time you retire. If you can start earlier, earn more than $70,000 or save a bigger proportion of your monthly paycheck you could even get there faster.

3. Eliminate debt

While a simple saving and investing plan could get you into the million-dollar retirees club, it won’t guarantee peace of mind unless you can also reduce your debt burden. You can’t really enjoy your golden years with a hefty mortgage, expensive credit card debt or monthly auto payments to worry about.

Unfortunately, nearly half of all American seniors have credit card debt and 9% of them have some form of medical debt, according to the AARP. It’s becoming increasingly difficult to achieve a debt-free retirement. [6]

But if you combine your savings and investment plan with a robust debt management plan, you could be the lucky few who get to fully enjoy their golden years.

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