How Much Money Americans Think They Need to Retire Comfortably
According to most Americans, if you want to retire comfortably you need to be a millionaire. Yes! You read that right. CNBC shared the results of a study by Northwestern Mutual that found that $1.27 million is the “magic number” Americans believe they will need. But the actual amount seems to vary depending on age.
Respondents in their 50s think they will need $1.6 million to retire comfortably, while those who are already retired or getting close to retiring (60s and 70s) think they can get by on less — about $952,000 on average.
This is crazy when you consider that most of the survey takers said they only had about $100,000 saved. The concept of needing more than $1 million to retire comfortably is unfathomable to the millions of retired Americans struggling to get by solely on Social Security income. This year the average monthly benefit in May was only $1,836.06.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, increased minimum benefits, and a fair annual cost-of-living adjustment (COLA).
