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April 02, 2024 at 01:20 PM
The gap between the amount of savings Americans think they’ll need to have a comfortable retirement and the amount they’re actually saving is continuing to grow.
U.S. adults now estimate they’ll need an average of $1.5 million to retire comfortably, up 15% from the 2023 estimate, according to new survey data from Northwestern Mutual.
The adults surveyed have actually saved $89,300 for retirement. That’s 1% lower than the average survey participants reported a year ago.
The gap between what the survey participants think they’ll need and how much they’ve saved has increased 16%, to $1.4 million.
For 831 survey participants with more than $1 million in investable assets, the average estimated nest egg need is $3.9 million, the average amount saved is just $172,100, and the average gap is $3.8 million.
What it means: Even many of the high-net-worth survey participants are in deep trouble.
