Good morning, Retirement Starts Today Community! Welcome to Every Day is Saturday, the newsletter reminding us that in retirement, every day is Saturday (including Thursday mornings).

​Click here to work with us!

Episode Breakdown

Only 3% Have $1M—So What’s Your Number?​
(0:00) The myth of the million-dollar retirement
(6:30) Retirement Headline: Just 3% of Americans have $1M saved—but context matters
(22:15) Listener Question: A clever ACA strategy to bridge healthcare from age 58 to Medicare with three adult kids still on the plan

​Listen on Spotify | Listen on Apple​

Retirement Headline: Only 3% of Americans Have $1 Million Saved

​A Look at U.S. Workers Who’ve Accumulated $1M in Retirement Funds​

This week’s headline kicks off with a stat that’s either humbling or motivating:

Even bumping that to include households with $500k–$999k only adds another 4%. That means 93% of Americans haven’t hit the halfway mark to the mythical million.

But should you worry?

Let’s add some nuance:

• Average retirement savings across all U.S. households = $340k
• Among ages 65–74 = $609k
• Households earning >$100k average $769k saved
• College grads have ~$1.5M net worth vs. $300k for high school grads

Fidelity recommends saving 10× income by age 67
Merrill suggests 12× income to replace 80–90% of pre-retirement spending

But here's the catch:
Pulling $90k per year from $1M is a 9% withdrawal rate. Yikes. These rules of thumb only make sense if we factor in Social Security or pensions.

Which brings us to the secret sauce most headlines skip: Guaranteed income (like pensions or Social Security) is your hidden $1M asset. If your pension pays $40k/year, that’s the equivalent of a $1M bond paying 4%. You just won the income lottery—quietly.

So while 3% have $1M saved, 100% of retirees should have a plan tailored to their real life:

• Low or no mortgage? Lower income needs
• Downsizing or renting? Unlock equity
• Reverse mortgage? Could be the next frontier
• Working longer? More savings, less drawdown
• Strategic Roth conversions? More control over taxes

The goal isn’t $1M. The goal is clarity.

Listener Question of the Week:

“How can I cover healthcare at 58 with a non-working spouse and three adult kids under 26?”

From a listener planning an early retirement with five people still on the health plan.

Ben’s Take:

The years between retirement and Medicare are known as the healthcare gap—and they can cost $1,500–$2,500+ per month for families.

Option A: ACA Subsidies via Healthcare.gov
Lower your taxable income (via careful withdrawals, capital gains, or Roth conversion strategies) and potentially qualify for major premium subsidies. But don’t be Pennywise and Tax-Foolish. A premium subsidy now could mean ballooning RMDs and IRMAA penalties later. So maybe split the difference—take some subsidy, do some conversions.

Option B: Kids get their own ACA plans
If they’re not dependents and file their own tax returns, their low income may qualify them for $0 or low-cost plans. Then, gift them the premium—tax-free.

Example:
Instead of paying $2,500/month for one plan…

• You and your spouse get a subsidized ACA plan
• Kids each get separate plans based on their income
• You help them pay premiums via gifts
• Total household spend = lower, legally

​

Bonus Tools:

• COBRA for 18 months if keeping your current plan matters
• HSA eligibility if using a high-deductible plan (hello, tax-free medical money!)

Quick Tip:

A “million-dollar nest egg” might be overrated. Focus on income streams, debt reduction, and tax-smart withdrawals. A thoughtful plan can stretch $600k further than a rushed plan with $1.2M.

Resources Mentioned

• ​Click here to read the AOL Article: Only 3% have $1M Saved
• ​Click here to order my book, Retirement Starts Today: Your non-financial guide to an even better retirement

That's it for our three hundred and eighty-third installment of "Every Day is Saturday." As always, I read (and usually reply to) every listener email. Got a question? Hit reply—you just might hear your name on the show.

Enjoy your “Saturday,”
​Benjamin Brandt