Only a small percentage of retirees are actually millionaires in terms of their retirement savings. Data on this varies slightly by source, but estimates consistently place the figure under 10%. A common figure, based on Federal Reserve and other economic studies, is that around 5% to 7% of retirees have $1 million or more in their retirement accounts (such as a 401(k) or IRA). This highlights that while a million-dollar nest egg is a highly desirable and widely publicized goal, it is not the norm for the vast majority of people entering retirement, who typically rely on smaller savings amounts, pensions, and Social Security.