"Americans' Retirement Savings Target Soars 53% in Four Years: Study"
TL;DR
A new survey from Northwestern Mutual reveals that the typical American worker believes they need $1.46 million to retire comfortably, a 53% increase from 2020, while the average amount held in a retirement account is just $88,400. Factors such as inflation and longer life expectancies contribute to the higher retirement savings target. Concerns about Social Security's future and the do-it-yourself nature of retirement planning highlight the challenges many Americans face in preparing for retirement.
Topics:businessfinance#finance#financial-planning#northwestern-mutual#retirement#savings#social-security
- Here's how much Americans say they need to retire — and it's 53% higher than four years ago CBS News
- To retire comfortably US adults say they need $1.5M. Are they right? Yahoo Finance
- Americans Think They Need $1.46 Million to Retire Comfortably The Wall Street Journal
- The amount of money Americans think they need to retire comfortably hits record high: study USA TODAY
- The average Gen Zer started saving for retirement 15 years earlier than baby boomers. It still may not be enough Fortune
Want the full story? Read the original reporting
Read on CBS News