Recent reports and surveys have highlighted a significant shift in Americans' retirement expectations, with the perceived necessary amount for a comfortable retirement reaching a new high. According to a study cited by USA Today, the average American now believes they need $1.46 million to retire comfortably, a figure that represents a 53% increase from the target savings in 2020. This surge to $1.46 million, also referred to as America's 'magic number' for retirement, has been echoed by multiple sources, including CBS News and MarketWatch. Furthermore, data from Northwestern Mutual reveals a stark contrast between aspirations and reality, indicating that the average American's retirement savings are nearly 17 times less than the $1.5 million they believe is required. This discrepancy has sparked discussions around the financial planning and adjustments necessary for future retirees, with some attributing the need to reassess retirement strategies to the current administration's policies.
The average American now believes they need $1.5 million to retire comfortably, which is nearly 17 times more than how much savers have set aside, according to Northwestern Mutual https://t.co/YIHqcHgx30
The average American now believes they need $1.5 million to retire comfortably, which is nearly 17 times more than how much savers have set aside, according to Northwestern Mutual https://t.co/8VUkx3TcfL
How much Americans think they need for retirement vs what they actually have saved are miles apart https://t.co/CLTdWyEyBS by @KerryHannon
The amount of money Americans think they need to retire comfortably hits record high: study https://t.co/iSnructBHL
Americans have lofty goals for their retirement, with the typical worker believing they need $1.46 million to retire comfortably — a jump of 53% from their savings target in 2020, according to a new survey. https://t.co/1PeisPZrgm
How much will you need to retire? America’s ‘magic number’ surges to $1.46 million https://t.co/BnUCRN2FqW
The 'average' person needs $1.46 million to retire comfortably. Biden is causing Americans to readjust or reconsider retirement plans completely. https://t.co/JzttfJvd09
"Most of us want to live to 100. Wait until you hear how much that retirement costs." (via @USATODAYmoney) https://t.co/dqFbC5OvDv
Here's how much you need to save to retire with $1 million if you're making $120,000 a year https://t.co/rN16bfxkvg
To feel 'comfortable,' Americans think they need a $233,000 salary and nearly $1.3 million for retirement. Here's what experts say https://t.co/MXKo9ij7lK