The cost of a comfortable retirement has risen from an estimated $951,000 to $1.46 million due to inflation, sharply widening the gap between savings and needs.
A study by Northwestern Mutual reveals that Americans are unprepared for retirement, with a stark disparity between needed savings of $1.5 million and actual savings of only $88,400.
The retirement preparedness issue is especially severe for Baby Boomers, who, despite having more money saved than younger generations, face a significant gap in their retirement savings.
Younger generations, like Millennials and Gen Z, predict they will need even more for retirement, with estimates around $1.63 million, yet have saved minimal amounts.
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