The Reality of Retiring with a $5 Million Nest Egg
Reaching a $5 million retirement nest egg is rare, with only 0.1% of retirees achieving this goal. In comparison, just 3.2% save over $1 million, according to the Employee Benefit Research Institute.
Successful savers typically start early and maintain disciplined financial habits while living modestly. Although they may enjoy occasional global travel, many opt for part-time work and keep spending in check.
Surveys indicate that Americans believe they need about $1.46 million for a comfortable retirement, yet the median savings is only $87,000. Here’s a snapshot of savings by age group:
- Under 35: $18,880
- 35-44: $45,000
- 45-54: $115,000
- 55-64: $185,000
- 65-74: $200,000
- 75 or older: $130,000
While the average balance is higher at $333,940, this is skewed by wealthier households. Many retirees also rely on home equity, which accounts for 45% of total net worth for homeowners.
To prepare effectively for retirement, consider your entire financial situation, not just retirement accounts. Aiming for a $5 million nest egg may be ambitious, but a secure retirement is attainable. Consulting a financial advisor can help you create a personalized plan tailored to your goals.
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