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  "path": "/news/magic-number-retire-comfortably-us-nears-1-5-million-2026-report",
  "publishedAt": "2026-04-07T17:48:46.000Z",
  "site": "https://www.fox5dc.com",
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    "Northwestern Mutual.",
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  "textContent": "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.\n\nAmericans 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.\n\nThat \"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.\n\n## Expected amount needed 2022-26\n\n  * 2022: $1.25 million\n  * 2023: $1.27 million\n  * 2024: $1.46 million\n  * 2025: $1.26 million\n  * 2026: $1.46 million\n\n\n\nExperts say the increase is due to several factors, including inflation, longer life expectancy and uncertainty about the future of Social Security.\n\nThe 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.\n\nMillennials, 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.\n\nHalf of millennials and Gen X also expect that they will have to work during their retirement.\n\nAlthough some Americans may expect to save $1.46 million before they retire, that is not the reality for most of the country.\n\nOnly 5% of Americans with retirement accounts have at least $1 million saved for retirement, while just over 9% have $500,000, according to NerdWallet.\n\nThe 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.\n\nExperts say these tips can help Americans think about how much they want to save for their retirement:\n\n  * The 25x Rule: Saving roughly 25 times a person's expected annual spending.\n  * The $1,000-a-Month Rule: Every $1,000 of desired monthly retirement spending translates to $300,000 the individual should have saved.\n  * 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.\n\n",
  "title": "'Magic number' to retire comfortably in US nears $1.5 million: report"
}