Americans have lofty goals for their retirement, with the typical worker believing they need $1.46 million to retire comfortably — a jump of 15% in just a year and a whopping 53% since 2020. A new survey from Northwestern Mutual found that the average amount U.S. adults have saved for retirement is just $88,400. The dream of retiring comfortably has become more expensive than ever for most Americans, the study shows.
Inflation has crept into every part of Americans' lives, including how much they now think they need to retire comfortably: a record $1.46 million. A Northwestern Mutual survey found Americans think they need $1.46 million to retire comfortably. For Gen X, many of whom are less than two years away from the traditional retirement age of 65, the gap between their goal and their reality has never been wider.
By Jessica Hall, the gap between our goals and reality has never been wider. American adults believe they will need $1.46 million to retire comfortably. Americans certainly have a good idea of how much they'll need to retire one day, but they just don't have the same savings in the bank yet. The 'magic number' for retirement savings has swelled to an all-time high, but Americans are worried they won't reach it.