The typical baby boomer is facing at a $900k "hole" in their retirement savings

A Northwestern Mutual study found that while Americans estimate needing $1.46 million for a comfortable retirement, the average savings is only $88,400, creating a $1.37 million gap.

The situation is particularly critical for Baby Boomers who have less time to recover from their inadequate savings, as they disproportionately feel the effects of this widening gap.

The increasing financial demands reveal that Americans of all ages are unprepared for retirement, with the projected retirement savings rising significantly due to rampant inflation over the years.

As inflation drives up retirement costs, people’s understanding of their retirement savings needs is increasingly misaligned with reality, emphasizing the urgent need for better financial planning.

Read at 24/7 Wall St.