Trump says $465K in savings makes you 'rich.' Financial experts warn it falls short — how much do you actually need?

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It's the biggest question when it comes to retirement savings: How much do I need to save to retire comfortably? Back in May, President Donald Trump said that $465,000 in retirement savings would make someone "rich."

But is that really enough to get you through your golden years? Some experts aren't so sure.

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The president made the comment when he signed an executive order that would expand retirement account access for those who don't have access to workplace retirement savings plans.

CNBC reported that when the president signed the executive order, he said that young workers who saved regularly with the account would be able to save $465,000 by the time they retire — "In other words, they'll be rich," Trump said (1).

Barry Glassman, a certified financial planner, told CNBC in an email that while the accounts had advantages, "I don't believe they are going to make people rich."

"While $465,000 could provide a healthy sum for retirement," Glassman wrote. "With 3% inflation, in 30 years that's equivalent to less than $200,000 today."

Most Americans aren't saving enough for retirement

In 2026, the average American believes that they'll need $1.46 million to retire comfortably, according to a study conducted by Northwestern Mutual (2). That target looks considerably different from what the average American worker actually has tucked away in a retirement account.

A Fidelity report for the first quarter of 2026 analyzed the 401(k) balances of 25.6 million participants in corporate defined contribution plans and found that the average 401(k) balance was $141,000 (3), which was down by 4% from the previous quarter.

Meanwhile, a Vanguard report found that although the average defined contribution plan balance was $167,970 at the end of 2025, the median balance was $44,115 — the median being a "halfway point," where half the people had more, and half had less (4).

According to the Pension Research Council, about 56 million American workers don't have access to employer-sponsored retirement plans (5).