A recent Northwestern Mutual study found that the perceived savings needed for retirement has risen to $1.46 million in 2024 from $951,000 in 2019, while actual average savings sit around $88,400—creating a gap of $1.37 million. Further analysis by GoBankingRates shows how a $1 million retirement fund paired with Social Security benefits varies by state, with states having higher living costs like Hawaii seeing this money depleted in under 13 years due to expensive housing. The study reveals the urgent need for improved retirement strategies amid rising living costs across states.
A Northwestern Mutual study revealed that U.S. adults now think they'll need $1.46 million saved for retirement, highlighting a stark contrast to their actual savings.
GoBankingRates' analysis illustrates the disparity between retirement savings and cost of living across states, showing that a million-dollar nest egg is insufficient in many locations.
In Hawaii, a million-dollar retirement fund paired with Social Security will only support a retiree for less than 13 years, underscoring the high cost of living.
The research underscores that states with high living costs have retirees who find their savings diminishing rapidly, emphasizing the need for better retirement planning.
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