According to Northwestern Mutual, the average American thinks they need to save $1.26 million by age 65 in order to retire comfortably. Last year, that figure was $1.46 million. In reality, experts say that neither amount will buy someone the freedom they likely envision for their twilight years.
Once inputs like inflation, healthcare costs, and lifestyle realities are taken into account, the $1.5 million goalpost seems less like a magic number and more like a bare minimum for retirement savings.
