Americans Now Need $1.46M for Comfortable Retirement
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Americans now believe they need $1.46 million for a comfortable retirement, a 15% increase from last year and significantly higher than the $1.25 million estimated four years ago. The primary concern is outliving savings, with nearly half of workers fearing they wont have enough. Financial advisors attribute this to rising costs and longer lifespans. Even those with over $1 million in assets aim for $2.67 million on average. Gen Xers, the oldest of whom turn 61 this year, feel the least confident about retiring securely. Experts suggest building to ten times your final salary by 67. To achieve this, consider benchmarks like one times your salary by 30, three times by 40, six times by 50, and eight times by 60.
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