According to Investopedia, only about 2.5% of Americans have saved $1 million or more in their retirement accounts. Homeowners hold an average of $303,000 in retirement savings, which is more than 2.5 times the amount held by renters, based on data from the Federal Reserve Bank of St. Louis. The 2025 Planning & Progress Study by Northwestern Mutual estimates that $1.26 million is needed to retire comfortably. However, the median net worth of Americans at retirement age was approximately $132,290 in 2023. Retirement Living recently ranked the best cities in California for retirees, while other sources highlight Florida as the top state to retire in, with Colorado ranking third due to its low taxes, quality hospitals, and favorable climate for seniors. Arizona has dropped off the list of popular retiree destinations, though Peoria, Arizona, ranks as the number one city for retirees within the state.