The average number cited by Americans for a comfortable retirement is $1.26 million, showing a decrease of $200,000 from the previous year. Despite this reduction, many still find this target financially challenging. Significant statistics reveal that 45% of Americans risk running out of funds, and 20% over 50 have no retirement savings. Research shows an average income of $762,000 and expenses of $877,000, indicating a typical shortfall of $115,000. Variations in needs exist by state, with New York having the largest expected gap of $448,000.
Americans believe the 'magic number' for a comfortable retirement is $1.26 million, down $200,000 year over year, according to recent research from Northwestern Mutual.
The average projected retirement income from benefits, savings, and investments is $762,000, while projected living expenses over 18.2 years are $877,000, leading to a $115,000 shortfall.
New York emerged as the state where retirees are most likely to outlive their retirement savings: the average senior will need about $448,000 more than they have.
One in five Americans over the age of 50 has no retirement savings, and more than half worry they won't have enough money to last in retirement.
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