Morsa Images / Getty Images High income is not the only way to financial prosperity; living frugally, investing wisely, and optimizing for taxes are all important ingredients for anyone to accumulate financial wealth. Key Takeaways Only 3.2% of retirees have $1 million in retirement accounts vs. about 2.6% of Americans in general. The average retirement savings for households aged 65-74 is $609,000, while the median is only about $200,000. The number of "401(k) millionaires" in America reached a reco ...