The 'magic number' that Americans believe they need to retire comfortably has jumped to an all-time high, according to a new study by Northwestern Mutual.
The "magic number" that Americans believe they need to retire comfortably is surging to an all-time high, according to a new study by Northwestern Mutual. U.S. adults believe they will need $1.46 million for retirement, a 15% increase over the $1.27 million reported last year," Northwestern Mutual's 2024 Planning & Progress Study found.
Hardship withdrawal activity from 401 accounts increased in 2023, going from 2.8% of people in 2022 who initiated a hardship withdrawal to 3.6% of participants last year, according to the Vanguard Group, which tracks about 5 million accounts. Aditi Javeri Gokhale, chief strategy officer, president of retail investments and head of institutional investments at Northwestern Mutual, said inflation has expanded "our expectations for retirement savings.
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