Are You In The Top 3% Of Retirees? Here's The Shockingly Low Amount You Need Saved To Rank Among The Richest [View all]

[nmmi]

Last edited Thu Dec 12, 2024, 03:05 AM - Edit history (1)

Ivy Grace, Benzinga, 12/11/24
https://finance.yahoo.com/news/top-3-retirees-heres-shockingly-203017202.html

. . . According to data from the Federal Reserve and the Employee Benefit Research Institute, just 3.2% of retirees have saved over $1 million. That's not chump change, but it's also not the $5-$10 million range some financial gurus – like Suze Orman – insist you must live comfortably.

If you're dreaming of $3 million or more, though, you're officially aiming for a financial VIP club that represents less than 1% of retirees. ...

Less than 0.1% of retirees hit the $5 million+ range

For context, the average American household's net worth (including home equity, investments and other assets) is about $1.06 million. But here's the kicker: The median net worth – the point where half of households fall below – is much lower. Translation? Most people ((96.8% -nmmi)) don't even hit millionaire status.

Emphasis added. I also broke into more paragaphs to make it more readable