Almost half of Americans expect to live to 100... but haven't planned their retirement funds for it

The cost of retirement is increasing as the cost of living rises. A Northwestern Mutual study found the amount Americans need to save to retire comfortably increased 15% since last year. The new “magic number” is linked to inflation, longer life expectancy, and uncertainty around Social Security. The average needed savings rose from $1.26 million to $1.46 million. California retirees face even higher needs, with MoneyLion estimating $2.44 million for 20 years of retirement. Many people expect to live longer, including a quarter expecting to reach age 100. Almost half expect to outlive retirement savings, and one-third have not adjusted financial plans. Planning ahead and working with financial advisers is recommended.

"The lesson here: Plan ahead. And if you can, work with financial advisers to create a long-term plan."

Read at ABC7 San Francisco