"Roughly 4.18 million Americans will turn 65 in 2025, marking a peak year for the boomer retirement wave. This high annual number equates to 11,400 a day hitting their mid 60s on average. The average baby boomer says they only need about $990,000 to retire comfortably, according to a 2025 Planning and Progress Study by Northwestern Mutual. This post was updated on November 1, 2025 to include the most up-to-date numbers and statistics on boomers.Key Points About This Article Unfortunately,"
"The 'magic number' many Americans believe they need to retire comfortably has dropped from about $1.46 million in 2024 to $1.26 million in 2025, according to a study by Northwestern Mutual. It notes, however, that despite the lower figure, many people still fall far short of that amount. For example, among baby-boomers only about 44% believe they'll be financially prepared for retirement and 40% worry they may outlive their savings."
Approximately 4.18 million Americans will turn 65 in 2025, creating a peak year for baby-boomer retirements with about 11,400 people reaching their mid-60s each day. The average boomer reports needing roughly $990,000 to retire comfortably, while the average person has saved only $88,400, leaving a large savings gap. The perceived retirement 'magic number' fell from $1.46 million in 2024 to $1.26 million in 2025, yet many remain underprepared: about 44% of baby boomers feel financially prepared and 40% fear outliving savings. Rising living and healthcare costs and uncertainty about Social Security and Medicare increase urgency to maximize employer-matched 401(k) contributions and consider Solo 401(k) options for the self-employed.
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