""The new 'magic number' reflects a convergence of factors-from persistent inflation and longer life expectancies to uncertainty about the future of Social Security. Retirement is increasingly complex, and Americans are responding by setting higher expectations for what they'll need.""
""Federal Reserve data show that the median retirement savings for Americans aged 55 to 64 is just $185,000, and for those aged 65 to 72, it's only $200,000. That's only about 13% of what Americans think they need to retire comfortably.""
""BlackRock, the world's largest asset management firm with $14 trillion in assets under management, surveyed 1,000 registered voters, asking how much they'd need to retire comfortably, and the average response was roughly $2.1 million-even more than the Northwestern Mutual study showed.""
A Northwestern Mutual report reveals that Americans now think they need $1.5 million for a comfortable retirement, a $200,000 increase from last year. Factors such as inflation, longer life expectancies, and concerns about Social Security contribute to this rising figure. The median retirement savings for Americans aged 55 to 64 is only $185,000, and for those aged 65 to 72, it's $200,000, which is only about 13% of the ideal amount. BlackRock's survey indicates an even higher average retirement need of $2.1 million.
Read at Fortune
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