The ‘Magic Number’ for a Comfortable Retirement is Increasing

How much money do you need to retire comfortably? Citing the results of a financial planning survey from Northwestern Mutual, USA Today reports Americans now believe they need $1.46 million. That’s a big jump from just a few years ago, when the “magic number” was $1.25 million.

While people may feel they need to be millionaires, the vast majority are nowhere close. The article says the “typical household in the 65-74 age range has about $200,000 in retirement accounts.”  

The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.