Saving for retirement is no walk in the park. You’ve got to figure out how much cash you’ll actually need, plus work out a realistic plan to get there. So naturally, you might be curious about how your nest egg compares to others—especially those sitting pretty at the top of the wealth ladder. Looking at data from the 2022 Federal Reserve Survey of Consumer Finances, researchers found that you’d land in the top 1% of retirees if you’ve squirreled away $2.31 million by your early 50s. That covers the usual suspects like pensions, IRAs, and 401(k)s.
But here’s the thing: if you use a broader definition of retirement savings—one that includes things like mutual funds, bonds, and money market accounts—you’d actually need $5.39 million stashed away between ages 50 and 54 to hit that top 1% mark. Yeah, those numbers might sound pretty lofty, but they’re super helpful for figuring out what steps you need to take to build the retirement of your dreams.
Here’s how the top 1% manages to save so much for retirement
Sure, setting a goal to save millions sounds great in theory, but actually pulling it off? That’s the tricky part. A lot of workers are battling rising costs of living and dealing with the stress of paying for housing, credit card debt, student loans, and everything else that keeps savings on the back burner. This might explain why so many people in their 40s, 50s, and beyond are trailing so far behind the top earners: studies show that the average retirement savings for folks ages 45 to 54 is just $313,220, while those ages 55 to 64 have about $537,560 tucked away.
So what’s the secret sauce? Well, there are some solid strategies that can seriously up your odds of joining the top 1%. Research from economists at UC Berkeley and the London School of Economics discovered something pretty eye-opening: the top 10% of savers put away 12% of their yearly income, but the top 1% are saving a whopping 38% annually. If that feels out of reach right now, experts suggest aiming for at least 15% per year. Looking ahead, it’s also worth knowing that experts recommend your savings should equal about six times your salary by age 50, and bump up to 10 times by age 67.
Here’s something worth noting: in 2025, the top 1% of earners brought in at least $659,060 per year, while the top 10% earned a minimum of $251,036 annually. That huge gap really highlights how much more wiggle room wealthy folks have when it comes to stashing money away for retirement compared to the rest of us.
