New Magic Number for Retirement is $1.46 Million

New Magic Number for Retirement is $1.46 Million

Americans’ “magic number” for retirement surged to an all-time high – rising much faster than the rate of inflation while swelling more than 50% since the onset of the pandemic.

These are the latest findings from Northwestern Mutual’s 2024 Planning & Progress Study, the company’s proprietary research series that explores Americans’ attitudes, behaviors, and perspectives across a broad set of issues impacting their long-term financial security.

By the numbers: By generation, both Gen Z and Millennials expect to need more than $1.6 million to retire comfortably. High-net-worth individuals – people with more than $1 million in investable assets – say they’ll need nearly $4 million.

  • Meanwhile, the average amount that U.S. adults have saved for retirement dropped modestly from $89,300 in 2023 to $88,400 today but is more than $10,000 off its five-year peak of $98,800 in 2021.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.