Here’s how many Americans have $500K saved for retirement — and it’s more than you might think. Are you in this group?

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With all the doom and gloom in the headlines, it's easy to assume that most Americans are heading into retirement broke. But the data seems to suggest that many older Americans are actually doing better than expected.

In fact, millions of Americans have accumulated retirement balances of at least $500,000, which could be enough for a relatively comfortable retirement in many parts of the country.

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This cohort, based on recent data, could be larger than most people think.

Across the U.S. population, roughly 9.3% of all households had at least $500,000 or more in retirement accounts, according to a Congressional Research Service analysis (1) of the Federal Reserve's Survey of Consumer Finances.

That's nearly 1 in 10 American households.

But when you focus only on Americans who are approaching or already at retirement age, the cohort grows much larger. The median retirement account balance for someone in their 60s, which is the typical retirement age in the U.S., is roughly $566,900 as of August 2026, according to Empower Personal Dashboard data (2).

Simply put, half of all Americans in their 60s have at least half a million in retirement savings.

Millions of Americans are also set for a seven-figure retirement. Nearly 1 in 5 people (21.9%) have at least $1 million in their 401(k) plans, according to Empower (3).

In other words, the millionaire club might not be as exclusive as you might think.

However, if you're currently heading for retirement with less than $500,000 saved up, the good news is you don't have to start panicking yet. There are a few ways to speed up your progress.

While the half-million and millionaire club continues to expand, millions of other Americans are heading for retirement with far less capital. In fact, roughly 1 in 5 Americans over the age of 50 have no retirement savings, according to an AARP survey (4).

If you're part of that group, it might seem daunting to have to start building a retirement portfolio in your 50s. But you don't necessarily have to make big moves to get started. Even small amounts can grow over time with the right strategy in place.