How Much Money Americans Think They Need to Retire According to Northwestern Mutual Survey
Retirement Savings Insights
Want to know how much it takes to retire? The average American wants a retirement nest egg of $1.46 million. Most people in the U.S. do not have 'defined benefit' pensions, relying on 'defined contribution' retirement plans.
Understanding Retirement Savings
The exact amount necessary to retire comfortably varies based on age. Northwestern Mutual survey reveals that Americans across generations need different 'magic numbers' for retirement.
- Boomers need $990,000
- Gen X needs $1.56 million
- Millennials need $1.65 million
- Gen Z needs $1.63 million
- All ages average at $1.46 million
How to Reach Your Retirement Goal
Despite the increasing 'magic number,' with smart investment and saving strategies, you can reach your goal. By investing for the long term in diversified portfolios, you can build a substantial nest egg over time.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.