Feb. 16: BEST OF THE BLOGOSPHERE

February 16, 2026

Does anyone hit the $1 million mark in retirement savings?

We all know the answer to the question “who wants to be a millionaire,” but a recent post from The Motley Fool by James Brumley takes a look at the question of how many of us actually reach that savings goal.

“Plenty of people still contend that a $1 million retirement nest egg is more than just a milestone. It’s often arbitrarily seen as the dividing line between a comfortable retirement and a worrisome one, in fact,” he begins.

But, he asks, “how many people are actually saving $1 million (or more) for retirement? The answer: Not as many as you think.”

While there are more millionaires in the U.S. than at any point in the past, most people’s “net worth isn’t a seven-figure sum. And fewer still are sitting on a retirement nest egg worth $1 million or more in cash or in highly liquid assets like stocks, bonds and mutual funds,” he continues.

Figures, he points out, back this up. Data from 2022 from the U.S. Federal Reserve found that 4.6 per cent of the 131.2 million U.S. households “held retirement accounts collectively worth $1 million or more.”

He notes that Bureau of Labor Statistics figures suggest that the typical U.S. household populated by people aged 65 or older consists of 1.7 people – so we are probably talking about an older couple when we speak of seven-figure retirement nest eggs.

Brumley also cites data from Fidelity, a large U.S. asset manager, that found of the 24.8 million retirement plans it serves, “654,000 of them owned… accounts worth at least $1 million.”

That fact is tempered by this one, he continues.

“Only about six out of every 10 of the 305 million adults living in the U.S. has any type of retirement account, (which) suggests there are just under five million retirees with million-dollar retirement accounts,” he notes, this time citing research from the Gallup organization.

Brumley’s takeaway from all this?

“Take the number with at least a small grain of salt. It’s interesting to be sure, and perhaps even a little bit discouraging in that so few retirees are reaching what seems to be a minimum savings target. (In its most recent survey on the matter, insurer Northwestern Mutual found that — on average — Americans think they’ll need $1.26 million in savings to retire comfortably, even though most of them seem to know they’re not likely to hit that mark),” he writes.

“You don’t necessarily need a seven-figure nest egg to secure a nice retirement. You can be OK with less,” he writes, adding that anything you save will provide income on top of what you receive from government and other programs (in Canada, this would be the Canada Pension Plan, Old Age Security, and any retirement program you might have through employment.)

If, he writes, your employer offers any kind of retirement program, be sure to take part – there can often be an employer match that will increase the amount being directed to your savings pot.

If there’s no such program at work, “doing something on your own is better than doing nothing at all… even if it seems like you’re doing so little that it doesn’t even matter. Most of the few million-dollar retirement accounts in question were built from surprisingly meagre starts.”

This is where the Saskatchewan Pension Plan can be of assistance. It’s open to any Canadian who has available registered retirement savings plan room.

You decide how much to contribute to your retirement nestegg each year, and you can transfer in any amount from other non-locked in RRSPs you may have. Every dollar received by SPP is invested in our low-cost, professionally managed pooled fund.

At retirement, your options include converting some or all of your savings to a monthly lifetime annuity payment or opting for the more flexible Variable Benefit.

Check out SPP today!

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