How Much Money Do You Need to Retire?

image of money and deposit at bank
Image by Monstera from Pexels

The future looks bleak for retirees. A recent survey conducted for the financial planning firm Northwestern Mutual found that the majority of Americans think they will need $1.25 million to retire comfortably. That’s 20 percent more than most people anticipated needing last year, largely driven up by rising inflation and market volatility.

At the same time, Americans are becoming more pessimistic about the future of Social Security. The survey takers said they expect Social Security to only fund 26 percent of their retirement income.

This is exactly why The Seniors Trust has been working so hard to get lawmakers to enact the Social Security Expansion Act. This landmark bill seeks to reform Social Security the right way: by expanding and strengthening benefits proven to reduce senior poverty, improve retirement security and extend the solvency of this crucial program. When passed it will provide retirees with an immediate $200 benefits boost, increase the cost-of-living adjustment calculator to better reflect seniors’ expenses, and increase minimum Social Security benefits to provide higher payments to seniors and greatly reduce senior poverty.

If you do not or will not have $1.25 million in your retirement account, please join our efforts to enact the Social Security Expansion Act by signing our petition to Congress.