Americans think they need $1.46 million on average to retire comfortably, recent research from Northwestern Mutual found.
Likewise, one-third of workers who calculated how much money they will need in retirement estimated $1.5 million or more, the Employee Benefit Research Institute recently found. Yet a third of workers have less than $50,000 in savings and investments, and 14% of workers have less than $1,000, EBRI found.
Compared to:
In the Fed’s survey, of seniors with $50,000 to $99,999 in savings, 86% said they were either living comfortably or doing okay. Of seniors with more than $10,000 in retirement savings, 93% said they were doing okay or living comfortably.
“If we’re going to have a retirement crisis, why don’t we have one already?” Biggs said in an interview.