How Much Money Americans Think They Need to Retire According to Northwestern Mutual Survey

Thursday, 9 May 2024, 10:30

The average American believes they need $1.46 million to retire comfortably. However, the average retirement savings as of 2024 is only $88,400. By investing wisely and using tax-advantaged accounts, it is possible to build a substantial nest egg over time. Don't be discouraged by the daunting 'magic number'; gradual saving and investing strategies can lead to a comfortable retirement.
https://store.livarava.com/39f50033-0df0-11ef-a6c2-63e1980711b2.jpg
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.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe