Retiring at 62 with $900,000 in a 401(k) is possible depending on your lifestyle, expenses, and other income sources like Social Security. Using the 4% rule, you can safely withdraw roughly $36,000 annually (pre-tax). This amount must cover expenses until age 65 for Medicare, as well as inflation.
Summary. It is possible to retire on $900k, provided you keep your annual expenses to around $36,000. Social Security can add, on average, $2,000 per month to your retirement income. You still need to pay tax during retirement, so it's essential to factor this into your planning.
$900,000 is a notable, sizable savings, and might be enough to land you a home near the beach. Make sure to calculate any big expenses—such as healthcare and major travel plans—when budgeting for retirement.
Fidelity's guideline: Aim to save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67. Factors that will impact your personal savings goal include the age you plan to retire and the lifestyle you hope to have in retirement. If you're behind, don't fret.
The Average Retirement Savings for the Upper Class
The top 10% of earners have a median retirement savings balance of $900,000. Those in the next tier (75th – 89.9th percentile) have a median balance of $269,000.
Empower Personal DashboardTM data shows 9.1% of people fall into the category of 401(k) millionaire as of September 30, 2025, having accumulated at least $1 million in retirement savings in employer-sponsored plans and individually controlled IRA savings and investment accounts.
It is very possible. You plan to retire at 60 and place your life expectancy at 90, so you'll need enough income for 30 years. With $1 million, assuming your money doesn't increase or decrease too dramatically in value during those 30 years, you'll be guaranteed a minimum of $62,400 annually or $5,200 monthly.
Summary. If you plan on spending $60,000 or less annually in retirement, $800,000 will be more than enough. You can retire early, at age 50, with $800,000 if you budget and plan correctly.
The reason Ramsey suggests claiming Social Security at 62 is simple. The earlier you sign up for benefits, the more monthly checks you might collect in your lifetime. Ramsey is also a fan of claiming Social Security early and investing that money to grow it into a larger sum.
The top ten financial mistakes most people make after retirement are:
According to the Federal Reserve, the average retirement savings, including 401(k) accounts, is around $30,000 for those under 35, around $132,000 for those ages 35–44, around $255,000 for those ages 45–54, around $408,000 for those ages 55–64, and around $426,000 for those ages 65–75.
Only 3.2% of retirees have $1 million in retirement accounts vs. about 2.6% of Americans in general. The average retirement savings for households aged 65-74 is $609,000, while the median is only about $200,000. The number of "401(k) millionaires" in America reached a record of about 497,000 last year.
Then comes the line that defines what wealthy looks like for people approaching retirement. The top 10% ages 55 to 64 sit at roughly $2,960,900. That's the benchmark for upper class status at that stage of life.
years. Now let's assume you're more steady state at about 20yr in. In which case you're more than likely earning much more in gains than you + your company are putting into your 401k. In this case if you're on average earning 10% per year across your 401k investments, then it should roughly be doubling every 7yrs.
How much wealth does it really take to join the top 2 percent of U.S. households? Estimates vary, but most analysts say it's somewhere between $2.7 million and $5.5 million in net worth. That includes everything you own—like your home, savings, and investments—minus everything you owe.