A new study shows that Americans believe they need $1.46 million to retire comfortably, the highest level on record. This represents a 15% increase from previous years, surpassing the current inflation rate. Gen Z, millennials, and high net-worth individuals anticipate needing even more money for retirement.
Inflation has made the cost of just about everything in the U.S. more expensive – including retirement. A new study published by Northwestern Mutual found the "magic number" that Americans believe they need in order to retire comfortably hit $1.46 million this year, the highest level on record. The figure represents a nearly 15% jump from the $1.27 million that Americans said they needed in 2023, easily outstripping the current 3% inflation rate in the country.
US ECONOMY ADDS 303K JOBS IN MARCH, MUCH STRONGER THAN EXPECTED "Across all segments, there are large gaps between what people think they’ll need to retire and what they’ve saved to date," the study said. The study comes as Americans continue to confront stubbornly high inflation that has rapidly eroded their purchasing power and, in some cases, forced them to use their retirement savings as a financial lifeline.
Retirement Inflation Study Americans Savings Expenses Cost High Net-Worth Individuals
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