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Most headlines in recent years tend to paint the same picture: Baby Boomers are fabulously wealthy.

The Washington Post (1) called this cohort "the wealthiest generation" in history, with aggregate assets worth $85 trillion.

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Meanwhile, the average net worth of households led by someone between the ages of 65 and 74 is a whopping $1.79 million, according to Fidelity (2). These headlines make it seem as if all you had to do to become rich was simply be born in the 1950s or 60s.

But, that's simply not true. Much of this enormous wealth is concentrated at the top. The data suggests that many (if not most) seniors are actually either broke or struggling to make ends meet as they approach retirement.

The media net worth of Baby Boomer households was just $432,200, according to Pew Research (3). That means half of all seniors in this cohort have less than half a million in net worth. One in five seniors over the age of 50 had no retirement savings whatsoever, according to a 2024 AARP study (4).

Simply put, the majority of U.S. seniors don't become millionaires. For those who do, here's what sets them apart.

The reality of many millionaires across the country is that much of their wealth was built by simply buying their primary residence.

"Many older adults are house rich but cash poor," according to a report by the National Council on Aging (5) while the aggregate value of home equity has roughly doubled from $19.5 trillion in 2019 to $36 trillion in 2025, according to analysis by Ben Carlson (6), portfolio manager at Ritholtz Wealth Management.

Carlson suggests that for entry-level millionaires (those with $1 to $2 million in net worth), housing accounts for the largest chunk (40%) of their wealth.

However, buying a home wasn't the only path to wealth.

Ramsey Solutions (7) surveyed over 10,000 millionaires and found the top five careers for millionaires were engineer, accountant, teacher, management and attorney. Doctors didn't crack the list. Additionally, roughly one-third of those surveyed never earned six figures in a single working year, only 15% ever held a senior leadership role and 79% received no inheritance at all.

What they did do: Eight out of 10 invested in their employer's 401(k) plan — then let three or four decades of market returns compound. In other words, many seniors got to the seven-figure club on a relatively boring, but time-tested path. And that's good news for anyone looking to join the same club.

Read More: Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going

If you're trying to become a millionaire by the time you retire, the data seems to suggest the most practical approach is to save as much as possible, invest in stocks or hard assets and optimize your tax planning.

For savings, it's easier to automate than to build that habit manually.

Apps like Acorns can help you automatically deploy spare change into diversified investment funds managed by the likes of Blackrock or Vanguard. The app works by rounding up every purchase you make, so that a $4.50 latte turns into 50 cents of long-term investments.

Over many purchases (and years), your total grows. Sign up today and get a $20 bonus investment.

As for hard assets, gold and real estate seem to be the preferred asset classes for millionaires. Platforms like Arrived and Goldco have upgraded and democratized these opportunities for everyone.

Arrived lets you buy fractional shares of vacation homes or rental properties.

Backed by world-class investors, including Jeff Bezos, the platform allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

To get started, simply browse through their selection of vetted options, each picked for its potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100.

Goldco helps you open up a gold IRA.

This special account can be used to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.

With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.

If you're curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.

Finally, for efficient tax planning, hiring an expert could be the most pragmatic approach. The costs of hiring a qualified financial planner or tax adviser can be justified when you have a substantial amount of assets to manage.

For those with portfolios of $250,000 or more, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.

Simply answer a few questions about your savings, retirement timeline and overall investment portfolio.

From there, WiserAdvisor reviews its network to match you — for free — with up to three vetted, reputable advisors aligned with your specific needs.

You can then schedule no-obligation consultations with your matches to determine who is the best fit for your long-term goals.

WiserAdvisor is a matching service and does not provide financial advice directly. All matched advisors are third parties and specific financial results are not guaranteed.

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Washingtonpost (1); Fidelity (2); Pewresearch (3); Aarp (4); Ncoa (5); Awealthofcommonsense (6); Ramsey Solutions (7)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.