Millions Retire With Under $1 Million by Combining $25,000 Social Security and Other Income
Updated
Updated · Yahoo Finance · Aug 2
Millions Retire With Under $1 Million by Combining $25,000 Social Security and Other Income
2 articles · Updated · Yahoo Finance · Aug 2
Summary
22% of workers have under $1,000 in retirement savings, and the report argues that many still retire without reaching a $1 million nest egg.
The key reason is that retirement income often comes from several sources, not savings alone; average Social Security retirement benefits were $2,084 a month in June, or about $25,000 a year.
A 2025 Transamerica survey found the typical retiree had just $126,000 in household savings, underscoring how far actual balances often fall below the $1 million benchmark.
Using the 4% rule, retirees can estimate what savings may generate, while adding dividends, 401(k) or IRA withdrawals, and annuity payments can build a more workable income mix.