A new study shows that Americans believe they need $1.46 million for a comfortable retirement. Younger generations are eyeing even higher figures, around $1.6 million. Only half of those retiring feel financially ready, and many haven't taken steps to address the risk of outliving their savings.
If you're aiming to retire soon, it may be time to increase those savings, as a new study shows that Americans believe they need $1.46 million for a comfortable retirement. But that number is if you want to retire today, younger folks like Gen Z and millennials are eyeing even higher figures, around $1.6 million. With the oldest millennials being in their early 40s today, the clock's ticking to stash away that cash.
More importantly, the study by Northwestern Mutual's 2024 Planning & Progress, shows that this year, a record number of Americans — 4 million — will reach retirement age. However, only half of those retiring feel financially ready. Both boomers and Gen Xers are concerned about outliving their savings, with Gen Xers at 42% and boomers at 37%. Shockingly, over a third of both groups (37% and 38%, respectively) haven't taken any steps to address this risk, the study note
Retirement Savings Study Americans Millennials Gen Z Northwestern Mutual Financial Readiness Outliving Savings
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