"Retirement Reality Check: Americans' $1.46M Savings Goal vs. Current Savings Crisis"

According to a survey by Northwestern Mutual, Americans believe they will need $1.46 million to retire comfortably, a 15% increase from last year's estimate. However, the average retirement savings for those surveyed is only $88,400, highlighting a significant gap between retirement goals and reality. Baby boomers expect to need $990,000, while Millennials estimate $1.65 million, and younger generations are starting to save earlier. Fidelity Investments recommends saving 10 times one's salary by age 67, with the assumption that these savings would cover 45% of income during retirement, with Social Security making up the rest.