Savings & Retirement
Americans Now Say They Need $1.5 Million to Retire
Increased prices and longer lifespans are driving a surge in how much US adults think a comfortable retirement will cost, according to Northwestern Mutual.
The average amounts saved were $22,800 for Gen Z, $62,600 for millennials, $108,600 for Gen X and $120,300 for boomers.
Photographer: katleho Seisa/E+Retirement is becoming an even more distant goal as higher costs cut into American budgets.
A typical person now believes they need $1.5 million to retire comfortably, which is nearly 17 times more than the $88,400 savers have set aside on average, a Northwestern Mutual study shows.