$1.46 Million

That's the retirement savings shortfall the average American household faces, according to a 2024 analysis by the Center for Retirement Research at Boston College.

The median retirement account balance for households aged 55-64? Just $185,000 (Federal Reserve, 2023).

But here's what most people need:
• $1.2M–$1.5M to maintain their standard of living
• Enough to replace 70-90% of pre-retirement income
• Savings to cover 20-30 years of retirement

The reality check:
→ 57% of working-age households are at risk of being unable to maintain their standard of living in retirement (NRRI, 2023)
→ Only 32% of Americans feel very confident about having enough for retirement (EBRI, 2024)
→ The average Social Security benefit covers just 40% of pre-retirement earnings

Your action step: Calculate your personal retirement income gap. Know exactly where you stand — not compared to averages, but compared to what YOU need.

The Details

The $1.46 million retirement crisis isn't just a headline — it's the harsh reality millions of Americans face. While financial media loves to debate whether you need $1 million or $2 million to retire, the real issue is that most households aren't even close. The Retire Ready Plan™ methodology starts with a simple truth: you can't fix what you don't measure. Understanding your personal income gap is the first step in our Income pillar. It's not about keeping up with arbitrary benchmarks — it's about knowing exactly what YOUR retirement requires. Ready to calculate your real number? Start your personalized retirement assessment at therightretirementplan.com

What this means for you

Retirement decisions compound — getting one of these details wrong can cost tens of thousands of dollars over a retirement. The good news: most of these mistakes are completely avoidable if you understand how the rule actually works.

Next step

If you want to see how this applies to your specific situation, take the free Retire Ready Score — a 2-minute assessment that scores your current plan across income, taxes, healthcare, and protection.