Apr 3, 2026
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It’s relatively easy to measure and compare your financial status with that of your peers when you’re still working and earning a paycheck.
Whether you’re comparing job titles or income, these factors can give you a sense of how your finances measure up. But things get a little murky in retirement.
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While some retired Americans might consider themselves to be “rich,” in reality they could be lagging behind the top cohort of wealthy retirees. Here’s why the difference matters.
Wealth matters more than income
Once you’ve retired, income is likely no longer the best measure of wealth.
In fact, there’s a good chance many multi-millionaire retirees are drawing a modest income just to optimize their taxes. Meanwhile, some retirees might still be working part-time or freelance to cover the gap in their finances or tackle debt.
With this in mind, there are other ways for older Americans to compare their retirement finances with others in their age group. Net worth, for example, is arguably a much better measure, as a larger nest egg means you have plenty of money saved to live a lavish lifestyle, even if you don’t choose to do so.
The most reliable source of net worth data is the Federal Reserve's 2023 Survey of Consumer Finances (1), paired with DQYDJ's Net Worth Calculator, which sorts that data into percentile rankings by age (2). This is the freshest data we'll get until the Fed updates its numbers in 2026.
According to this data, individuals between the ages of 65 and 69 would need at least $2.96 million in total net worth to be in the top 10%. Those between the ages of 70 and 74 would need about $3 million.
Simply put, if you’re above the age of retirement and looking to get into the top 10% club, you’ll need at least a few million dollars, excluding the value of your primary home. That’s a lot higher than the $1.28 million the average American says they’ll need to retire comfortably, according to Schroders (3).
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How to optimize your nest egg
If your nest egg is worth close to $1 million, you’re likely more in the upper middle class category of retirees as opposed to the rich. This distinction matters, as it means you likely have little room for financial errors and may have trouble affording certain luxuries.
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There are, however, a few moves you can make that could help you with joining the rich retirees, or at the very least provide you with some peace of mind in retirement. The right investment strategy could significantly reduce costs and give you more flexibility, and this is where the help of an experienced professional can be a game changer.
Platforms like Advisor.com can help you connect with a skilled tax advisor or financial planner for free. Its extensive network of experts have been vetted for track record, client ratios and regulatory compliance. In fact, many of these professionals are also fiduciaries, which means they’re legally obligated to work in your best interest.
Advisor.com’s AI-powered matching tool needs just a few details about your personal finances, age, location and long-term goals to find the perfect fit for your needs. You can even set up a free initial consultation with no obligation to hire someone from their network.
Once you find the right co-pilot, you can start making savvy financial moves to optimize your nest egg and live a rich life, even if you don’t get into the top 10%.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Federal Reserve (1); DQYDJ (2); Schroders (3).
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
