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Planning for retirement is a long-term financial goal for most Americans, but how many actually reach the coveted seven-figure savings goal? More importantly, how much do you really need?
The answer may surprise you.
According to the Federal Reserve Survey of Consumer Finances (SCF), just 3.2% of retirees have reached $1 million or more in their accounts (1).
This is troubling news if you count yourself among the 40% of retirees who say they’ll need at least $1 million for true financial security in retirement (2).
But is that even enough to retire comfortably?
Some Americans don’t think so. A survey by Northwestern Mutual found that the average American believed $1.26 million was the “magic number” for a comfortable retirement in 2025 — another quarter of a million above the coveted seven-figure threshold (3).
If these numbers worry you, here are a few things to consider so that you can catch up on saving for your golden years.
With annual inflation reaching 2.7% in 2025 and the rising cost of living in the U.S. (4), saving for retirement is anything but easy right now.
In fact, a typical retiree in the U.S. has just $288,700 put away for retirement, while only 23% of retirees say they have more than half a million in savings and investments, according to a Clever Real Estate survey published in January 2026 (5). Shockingly, 29% of respondents reported having no retirement savings at all.
Another worry is that Americans who are still in the workplace are actually cutting back on their retirement savings. In January 2026, the Allianz Center for the Future of Retirement posted its Q4 2025 Quarterly Market Perceptions Study, which found a staggering 51% of U.S. adults had reduced or stopped contributions entirely to their retirement savings in the past six months (6).
And all of this is compounded by the fact that more and more Americans are being forced to take early retirement — for reasons ranging from personal health to being made redundant by an employer.
With so many factors to consider, it’s important to understand exactly what your financial goals are and how to prepare accordingly. If you want to ensure you’re maximizing your retirement contributions, it could pay to speak to a qualified financial advisor.
Finding the right advisor is simple with Advisor.com. Their platform connects you with licensed financial professionals in your area who can provide personalized guidance.
A professional advisor can also help you determine how many years you have left to invest before retirement and assess your comfort level with market fluctuations — two key factors in building the right asset mix for your portfolio.
According to experts like Suze Orman, even if you have a cool $2 million in the bank for retirement, that’s still “chump change (7).” She warns you’ll need plenty more to retire comfortably if you expect to live into your 90s.
The figures are wide-ranging. But given everyone’s golden number is different, that’s to be expected. And to hit that high-water mark, you’ll want to get investing as soon as possible.
No matter the amount you’re aiming for, starting sooner rather than later is always better.
If you want to boost your nest egg over time without having to think about it, you can use Acorns to start saving and investing for retirement with just your spare change.
When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even the most essential spending translates to money saved for the future. That $4.25 morning coffee? It’s now a 75-cent investment in your future.
Even better, if you sign up for Acorns today with a recurring monthly contribution, you can receive a $20 bonus investment.
Whether or not you’re behind, a quick way to accelerate the growth of your retirement pot is to maximize your IRA contributions. For 2026, the annual contribution limit is $7,500 if you’re under 50, or $8,600 if you’re over 50 (8).
Contributions to a traditional IRA may be tax-deductible, so you can lower the taxable income you report in the year you make contributions. The money then grows tax-deferred, which means you’ll pay taxes on it once you withdraw the funds during your retirement. This can play to your advantage if you expect to be in a lower tax bracket once you retire.
However, be careful not to end up hit by a tax torpedo, where your Social Security benefits actually put you in a higher tax bracket than you anticipated.
Contributions to a Roth IRA differ because they’re made with your after-tax dollars, and your earnings grow tax-free. Withdrawals during retirement are also tax-free so long as you meet the right conditions. This account is more beneficial if you anticipate you’ll be in a higher tax bracket once you retire.
But the next question after making your contributions is what to put those funds toward. There are plenty of investments you can make within an IRA, and the right mix will depend on the level of risk and return you’re seeking.
For example, you can consider adding precious metals to your IRA, such as setting up a gold IRA for free with the help of Thor Metals.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.
As a 100% American-owned company, Thor Metals is an industry leader in precious metals and an authorized dealer for the U.S. Mint. To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.
On the other hand, platforms like Arrived allow you to diversify your portfolio with income-producing real estate investments.
Backed by world-class investors including Jeff Bezos, Arrived lets you invest in shares of vacation and rental properties, earning a passive income stream without taking on the work of being a landlord. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to tap into this inflation-hedging asset class for a more diversified retirement portfolio.
Here’s how it works: To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.
U.S. Federal Reserve (1); Clever Real Estate (2), (5); Northwestern Mutual (3); U.S. Bureau of Labor Statistics (4); Allianz Life (6); Moneywise (7); Vanguard (8)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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