A quarter of Americans expect to live to be 100, well past the usual retirement age of 65.
These findings say the new "magic number" is a result of inflation, longer life expectancy, and uncertainty around Social Security. The average needed savings for Americans used to be $1.26 million last year.
Now it is $1.46 million. But as people live longer, more worry about outliving their savings. Because of this, almost half of Americans expect to outlive their retirement savings. And one-third of those surveyed by Northwestern Mutual admit they have not adjusted their financial plans to prepare for this.
The lesson here: Plan ahead. And if you can, work with financial advisers to create a long-term plan.7OYS's consumer hotline is a free consumer mediation service for those in the San Francisco Bay Area. We assist individuals with consumer-related issues; we cannot assist on cases between businesses, or cases involving family law, criminal matters, landlord/tenant disputes, labor issues, or medical issues..
As a part of our process in assisting you, it is necessary that we contact the company / agency you are writing about. If we believe we can be of assistance, we will reach back out in response. Wells Fargo denies Bay Area homeowners $28K refund after check altered, cashed by mail thievesStubHub tells Bay Area couple to 'prove' canceled concert for refund
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