From Yahoo Finance · · 2m
Half of Americans in their 60s have $500K saved
New data reveals millions of older Americans have accumulated substantial retirement savings, challenging assumptions about widespread financial insecurity.
In brief
New data reveals millions of older Americans have accumulated substantial retirement savings, challenging assumptions about widespread financial insecurity. About 9.3% of all U.S. households and roughly half of Americans in their 60s have at least $500,000 in retirement savings, suggesting better retirement readiness…
Most Americans aren't broke in retirement
Despite headlines suggesting financial doom, data shows millions of older Americans have accumulated substantial retirement savings and are doing better than expected.
Nearly 1 in 10 households hit $500K
Roughly 9.3% of all U.S. households have at least $500,000 or more in retirement accounts, according to a Congressional Research Service analysis of Federal Reserve data.
Half of people in their 60s have $500K
The median retirement account balance for Americans in their 60s is roughly $566,900 as of August 2026, meaning half have at least half a million saved.
“Simply put, half of all Americans in their 60s have at least half a million in retirement savings.”
The millionaire club is growing fast
Nearly 1 in 5 people, or 21.9%, have at least $1 million in their 401(k) plans, suggesting the millionaire club is far less exclusive than commonly believed.
“Nearly 1 in 5 people (21.9%) have at least $1 million in their 401(k) plans.”
But millions have saved nothing
Roughly 1 in 5 Americans over age 50 have no retirement savings at all, according to an AARP survey, leaving them facing a challenging catch-up period.
“Roughly 1 in 5 Americans over the age of 50 have no retirement savings.”
Start small with automation
Platforms like Acorns let you invest spare change automatically. Link your cards and the app rounds up purchases, investing the difference into diversified ETF portfolios.
Diversify with real estate investing
If you have $250,000 saved, consider rental properties through platforms like Arrived. You can invest in vacation and rental properties for as little as $100 without managing them yourself.
Get professional tax planning help
If you have $250,000 to $500,000 saved, a financial advisor can help with sophisticated tax strategies. Services like WiserAdvisor match you with vetted professionals for free consultations.
Small amounts grow with strategy
Even if you're starting late in your 50s with little saved, small consistent investments can compound significantly over time with the right approach in place.
The one thing
About 9.3% of all U.S. households and roughly half of Americans in their 60s have at least $500,000 in retirement savings, suggesting better retirement readiness than commonly assumed.
