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If you're aiming to retire soon, it may be time to increase those savings, as a new study shows that Americans believe they need $1.46 million for a comfortable retirement.
More importantly, the study by Northwestern Mutual's 2024 Planning & Progress, shows that this year, a record number of Americans — 4 million — will reach retirement age. However, only half of those retiring feel financially ready. Both boomers and Gen Xers are concerned about outliving their savings, with Gen Xers at 42% and boomers at 37%. Shockingly, over a third of both groups haven't taken any steps to address this risk, the study notes.
"In 2023, the soaring cost of eggs in the grocery store symbolized inflation in America. In 2024, it's nest eggs," said Aditi Javeri Gokhale, head of institutional investments at Northwestern Mutual, in a press release."People's 'magic number' to retire comfortably has exploded to an all-time high, and the gap between their goals and progress has never been wider.
But if these numbers scare you, you're not alone. Last year, when the same annual study popped up, the AARP asked the experts, and they believe that while this number does make sense considering the state of the economy, it's important to keep in mind that a lot of factors come into play when retiring, such as where you want to spend your time and how you want to spend your money.
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