"Americans' Retirement Savings Target Soars 53% in Four Years: Study"

A new survey from Northwestern Mutual reveals that the typical American worker believes they need $1.46 million to retire comfortably, a 53% increase from 2020, while the average amount held in a retirement account is just $88,400. Factors such as inflation and longer life expectancies contribute to the higher retirement savings target. Concerns about Social Security's future and the do-it-yourself nature of retirement planning highlight the challenges many Americans face in preparing for retirement.