Only 4.6% of Americans have $1 million in retirement savings — here's how to beat those odds

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In 2026, the average American believes the “magic number” for a comfortable retirement is $1.46 million, according to Northwestern Mutual (1). Unfortunately, most workers are nowhere close to that lofty target.

In fact, as of 2022, only 4.6% of Americans had retirement assets greater than $1 million, according to a study by the Congressional Research Service (2). Put another way, less than 1 in 20 people in America are in the seven-figure retirement club.

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Despite all the headlines and braggarts you see on social media, this is still a rare and exclusive club.

So, if you’re falling short of this target but still determined to break into this golden tier, here are three simple steps you can take to improve your odds of success.