"Record High: Americans' $1.46 Million Retirement Comfort Goal"

According to Northwestern Mutual's 2024 Planning & Progress Study, Americans believe they will need $1.46 million to retire comfortably, a 15% increase from last year and a 53% increase since 2020, outpacing inflation. The average amount U.S. adults have saved for retirement dropped to $88,400, while high-net-worth individuals say they'll need nearly $4 million. Gen Z started saving at 22 and expects to retire at 60, while Boomers+ started saving at 37 and expect to retire at 72. The 'Silver Tsunami' of 11,000 Americans turning 65 every day through 2027 is putting pressure on retirement planning, with only half of Boomers+ and Gen X believing they'll be financially ready for retirement. Additionally, just 3 in 10 Americans have a tax-efficient retirement plan, potentially causing them to pay more in taxes than required.