$1.26 million. That’s the latest estimate for how much money Americans need to retire comfortably, according to Northwestern Mutual’s Planning & Progress Study.
If that number feels daunting, you’re not alone. But the good news? With smart habits and long-term thinking, it’s more achievable than you think.
Here are seven practical steps to help you close the gap — and grow your way to a million-dollar-plus retirement.
Pro Tip: A $1.26 million retirement might sound out of reach, but the right guidance can make it realistic. If you have over $150,000 in investments, WiserAdvisor will connect you with a vetted financial advisor who can help map out a strategy tailored to your goals.
1. Know your number — and your gap
You can’t hit a target if you don’t know what you’re aiming for. Start by using a retirement calculator to see where you stand based on your current savings, income, and desired retirement age.
For most people, the gap between their savings and that $1.26M goal is wide — but understanding it is the first step toward narrowing it.
Pro Tip: Knowing your number is just the beginning — getting expert guidance can help you reach it faster. If you have at least $100,000 in investments, SmartAsset will match you with up to three vetted financial advisors to help you build a plan that fits your retirement goals.
2. Maximize your 401(k) and employer match
If your employer offers a 401(k), especially with matching contributions, make sure you’re putting in enough to get the full match. That’s free money — and over time, it adds up significantly.
Even small increases to your monthly contributions can have a big long-term payoff.
Pro Tip: Already maxing your 401(k) match? Keep the momentum going. A SoFi IRA lets you grow your savings with matched contributions and compounding interest. The sooner you start, the more your money can do. Get started today.
3. Open a Roth IRA for tax-free growth
If you qualify, a Roth IRA is a powerful tool — your money grows tax-free, and you won’t pay taxes on withdrawals in retirement. That makes every dollar stretch further when you need it most.
Bonus: you can contribute to both a 401(k) and a Roth IRA in the same year.
Pro Tip: While a Roth IRA offers tax-free growth, diversifying with assets like gold can additional protection. Open a gold IRA to help shield your retirement savings from inflation, market swings, and future uncertainty.
4. Slash high-interest debt
Credit card debt and other high-interest loans can drain your wealth potential. Every dollar going toward interest is one that’s not growing for retirement.
Make a plan to eliminate high-interest balances first — it’s one of the most effective ways to boost your long-term financial health.
Pro Tip: Struggling with $20K or more in debt? National Debt Relief offers free expert help to get your payments under control and redirect more money into your future.
5. Invest in diversified assets
Don’t put all your eggs in one basket. Building wealth for retirement means spreading your investments across different asset classes — stocks, bonds, real estate, and possibly even alternatives like gold.
Diversification reduces risk and helps your portfolio weather market volatility.
Pro Tip: Looking for stability? If you’re over 50 and curious about investing in gold, get your FREE 2025 Gold Information Kit and explore how it can help protect your retirement savings — plus, you could qualify for up to $10,000 in free metals through qualified purchases.
6. Boost your income and automate your savings
Cutting expenses is great — but increasing your income can supercharge your progress. Whether it’s a side gig, freelance work, or passive income stream, channel the extra money straight into your retirement fund.
Set up automatic transfers to your investment accounts to make saving effortless.
Pro Tip: Want to grow your retirement fund faster without adding more stress to your schedule? This company's members pay over $55,000 daily to take surveys in their free time — an easy way to turn downtime into extra retirement dollars.
7. Protect your progress with smart insurance
Even the best retirement plan can be derailed by unexpected costs — like home repairs, medical bills, or job loss. Having the right coverage in place helps you stay on track, no matter what life throws at you.
Health insurance, life insurance, disability, and even home warranties can all play a role.
Pro Tip: One unexpected breakdown shouldn’t blow up your retirement plan. A home warranty from First American helps cover appliances and major systems — so surprise repair bills don’t eat into your long-term savings. Take a second and see what policies cost and what they cover.
The road to $1.26 million starts now
Reaching a seven-figure retirement isn’t just for the ultra-wealthy — it’s for anyone who starts planning with purpose.
By taking these seven steps, staying consistent, and making smart adjustments along the way, you can build the financial future you deserve.
Pro Tip: A seven-figure retirement starts with consistent, smart choices — like adding stability to your portfolio. Open a gold IRA to help protect your growing savings from inflation, market volatility, and economic uncertainty.
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