How Many Retirees Have $1 Million Now? (New Federal Reserve Data)

The Federal Reserve just released its new Survey of Consumer Finances, the first new count of American household wealth in three years. In 2022, a little over 1 in 4 retired households was worth $1 million or more, counting the house. In the new 2025 survey, it's about 1 in 3. This video counts who gained, who didn't, and where four kinds of retired households land, straight from the Fed's own data. In this video: • How many retired households are worth $1 million or more now, with and without the house • $1 million in retirement accounts alone: then and now • The middle (median) retired household, 2022 vs. 2025 • Where the gain came from for the typical household • Which age group gained the most, and the Federal Reserve's own explanation • Same generation, three years later: did they really gain? • Couples vs. men and women living alone • What didn't move at all • Four kinds of retired households, side by side CHAPTERS 0:00 How many retirees have $1 million now? 0:31 Without the house, and accounts only 0:57 Where the numbers come from 1:24 The middle retired household 1:59 Where the gain came from 2:33 $500,000 and $2 million 2:49 Who is worth $1 million or more 3:02 Which age group gained more? 3:48 The Fed's own finding 4:08 Same generation, three years later 5:14 75 and older and the $1 million line 5:45 Couples vs. living alone 6:26 What didn't move 7:13 Retirement account balances 7:30 Renters 7:53 How the survey works 8:13 Four kinds of retired households 8:58 The new count in one minute SOURCES Federal Reserve Board, Survey of Consumer Finances, 2025 survey (released October 9, 2026) and 2022 survey: https://www.federalreserve.gov/econres/scfindex.htm Federal Reserve Bulletin, "Changes in U.S. Family Finances from 2022 to 2025: Evidence from the Survey of Consumer Finances": https://www.federalreserve.gov/publications/files/scf26.pdf Summary extract data files used for the counts: scfp2025excel.zip and scfp2022excel.zip (Federal Reserve). How it was counted: net worth is everything a household owns (the home, retirement accounts, savings, stocks and funds, businesses, other real estate, vehicles and more) minus every debt, for the whole household, with a married couple counted once. "Retired households" are households where the head is 65 or older and not working: about 29.4 million in 2025 and 27.5 million in 2022. All amounts are in 2025 dollars, the way the Federal Reserve reports them; 2022 amounts were adjusted for inflation with the Federal Reserve's own adjustment. Before using the data, the calculation was checked against the Federal Reserve's published table: the median net worth of families headed by someone 75 or older, about $504,900 in 2025, and 65 to 74, about $431,300, matched. "Where the gain came from" uses households between the 40th and 60th percentile of net worth, average change by type of asset. The "same generation" check compares households 72 and older in 2022 with households 75 and older in 2025; these are two separate samples, not the same families. The four-group table uses 2025 only and rounds the amounts, because each group has only about 170 to 240 surveyed households. The Fed interviewed 4,367 families for the 2025 survey and weights them to represent the whole country, so every number here is an estimate. Coming up on this channel: what retirees actually spend each month. The Labor Department's new spending survey comes out at the end of October. This channel is educational only and is not financial, tax, legal or investment advice. Old Man Miller is a fictional animated narrator, not a financial advisor. Research and script by the channel's creator. #retirement #networth #federalreserve