No two people’s financial needs in retirement are exactly the same. But Americans, on average, seem united about something: They’ll need to save more to retire than they previously thought.
U.S. adults say they’ll need $1.46 million, on average, to retire comfortably, according to Northwestern Mutual’s 2026 Planning and Progress study. That’s a 15% jump from the $1.26 million they said they’d need in the report’s 2025 edition.
“The new ‘magic number’ reflects a convergence of factors — from persistent inflation and longer life expectancies to uncertainty about the future of Social Security,” John Roberts, chief field officer at Northwestern Mutual, said in a statement.
The data also reveals that many Americans fear their savings aren’t up to snuff. Among non-retirees, 46% say they don’t expect to be financially prepared to retire when the time comes. By mathematical measures, that figure may overestimate some people’s preparedness. As a rule of thumb, Fidelity recommends savers have four times their annual salary saved by age 45 and eight times saved by age 60 to be “on track” to retire.
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