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Retirement savings ‘magic number’ surges to new high for Americans [Video]

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Personal Branding

The “magic number” that Americans believe they need to retire comfortably is surging to an all-time high, according to a new study by Northwestern Mutual. 

U.S. adults believe they will need $1.46 million for retirement, a 15% increase over the $1.27 million reported last year,” Northwestern Mutual’s 2024 Planning & Progress Study found

Over a five-year span, Americans’ “magic number” has jumped a whopping 53% from the $951,000 target reported in 2020, the financial service organization said. 

The 2024 Planning & Progress Study explores Americans’ attitudes, behaviors and perspectives regarding long-term financial security and involved more than 4,500 U.S. adults in January. 

Americans’ ‘magic number’ by generation

When looking across different generations, both Gen Z and Millennials expect to need more than the national average to retire comfortably, according to Northwestern Mutual. 

Gen Z estimated $1.63 million, while Millennials think they’ll need $1.65 million to retire comfortably. 

Gen X, or those born between 1965 and 1980, estimated needing $1.56 million, and Boomers – …

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