Retirement Anxiety: How Much Money Do Americans Really Need to Retire Comfortably?

Americans estimate they need $1.27 million for a comfortable retirement, but the average amount saved for retirement is only $89,300, according to a new survey by Northwestern Mutual. The study found that nearly half of Americans estimate they won't have enough money saved to retire comfortably, and on average, Americans say there's a 45% chance they will outlive their savings. Many people are counting on Social Security to provide more than a quarter of their overall retirement income, but experts suggest reaching out to a financial advisor or using a retirement calculator to determine how much is needed for retirement.