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FUYANG, CHINA – JANUARY 30, 2026 – US dollar banknotes captured in Fuyang City, Anhui Province, China on January 30, 2026. (Photo credit should read CFOTO\/Future Publishing via Getty Images) <\/p>\n
UNITED STATES – Most people have a certain amount they hope to earn before retiring. However, the latest price tag for a comfortable retirement comes with a bit of sticker shock.<\/p>\n
By the numbers:<\/p>\n
Americans believe they need $1.46 million to retire comfortably this year, which would provide approximately $4,800 in retirement income per month, according to a study by Northwestern Mutual.<\/a><\/p>\n That “magic number” has increased more than 15% in just one year, adding another $200,000 to last year’s total and matching expectations for 2024.<\/p>\n Expected amount needed 2022-26 2022: $1.25 million2023: $1.27 million2024: $1.46 million2025: $1.26 million2026: $1.46 million <\/p>\n Experts say the increase is due to several factors, including inflation, longer life expectancy and uncertainty about the future of Social Security.<\/p>\n Dig deeper:<\/p>\n The study also claims that nearly half of Americans (48%) believe it is somewhat or very likely they will outlive their savings, but those numbers vary slightly by generation.<\/p>\n Millennials, who started saving at 28 years old, have the greatest concern at 55%, compared to Gen Z’s 45% concern after starting to save even earlier at 22 years old. Meanwhile, Gen X, who won’t start saving until 32, falls in the middle with 50% concern.<\/p>\n Half of millennials and Gen X also expect that they will have to work during their retirement.<\/p>\n The other side:<\/p>\n Although some Americans may expect to save $1.46 million before they retire, that is not the reality for most of the country.<\/p>\n Only 5% of Americans with retirement accounts have at least $1 million saved for retirement, while just over 9% have $500,000, according to NerdWallet.<\/a><\/p>\n The average retirement savings for families is actually $333,940, and the median is $87,000. For Americans aged 55 to 64, those numbers increase to an average of $537,560 and a median of $185,000.<\/p>\n What you can do:<\/p>\n Experts say these tips can help Americans think about how much they want to save for their retirement:<\/p>\n The 25x Rule: Saving roughly 25 times a person’s expected annual spending.The $1,000-a-Month Rule: Every $1,000 of desired monthly retirement spending translates to $300,000 the individual should have saved.The 4% Rule: You may withdraw 4% of your retirement savings in the first year and withdraw the same amount (adjusted for inflation) for about the next 30 years. <\/p>\n The Source: Information from this article was sourced from Northwestern Mutual and NerdWallet.<\/p>\n