In the United States, the average household net worth is $1,063,700, while the average net worth among 65- to 74-year-olds is $1,794,600. If this seems far higher than you expect, it's because wealthy people drive up the averages. The overall median net worth is much lower: $192,900 overall.
If you want a comfortable retirement, you may need to be closer to the average than the median, at least according to many Americans. In 2026, U.S. adults said they believe they need $1.46 million to retire comfortably. Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake.
Here's what it is and 3 simple steps to fix it ASAP The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes Let's pretend, for example, that Steve always believed that he'd be in great financial shape once he saved a million — but now he's 64, has $900,000 saved, and he's hearing warnings everywhere that $1 million is no longer good enough. The reality is, his $900,000 nest egg would provide an income of roughly $36,000 per year, under the 4% rule.
That's not exactly a fortune. So, should Steve be worried and put off retirement for a few more years to grow his nest egg, or is he good to retire now and start enjoying his later years? Steve isn't the only one worried about whether $1 million is a reasonable sum.
Surprisingly, most millionaires don't even think they're well off. Only 36% of people with $1 million in investable assets define themselves as "wealthy." But Steve shouldn't let dire warnings that $1 million isn't enough for retirement scare him, because whether that amount is sufficient or not depends on his individual circumstances. "The first thing I ask is whether someone is trying to live their retirement or someone else's, because $1 million could be a completely different number to different people," Christopher Walsh, a financial advisor at Capital Choice Financial Group, told Moneywise.
Walsh explained that, while people in expensive areas like California or New York may find $1 million insufficient, those in the Great Plains or Midwest may be comfortable with a much smaller nest egg. "It also depends on lifestyle," he added. "Are you trying to take several vacations a year, or are you simple and you just want to work on things around the house?" Read More: Vanguard reveals what's coming for U.S. stocks — and it could be bad news for this group of investors Steve may also be worrying needlessly because he's not handling his planning the right way.
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