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Northwestern Mutual

All articles tagged with #northwestern mutual

finance1 year ago•1 min saved

"Americans' Retirement Savings Fall Short of Comfortable Living: Study"

A recent study by Northwestern Mutual revealed that while many Americans believe they need around $1.46 million saved for retirement, the reality is that most have significantly less, with an average of less than $89,000 saved. Inflation has further impacted retirement savings, widening the gap between individuals' retirement goals and their actual progress. The study also highlighted that many Americans, particularly those aged 40-59, have substantial disparities between their perceived retirement savings needs and their actual savings. Additionally, a survey found that only 40% of "Gen X" workers know exactly how much they will need to retire. Furthermore, New York and New Jersey were ranked as some of the worst states to retire in due to high costs of living and healthcare expenses.

via New York Post |

#finance #inflation #northwestern-mutual

finance1 year ago•1 min saved

"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.

via Newser|

#fidelity-investments #finance #northwestern-mutual

finance1 year ago•4 min saved

"Americans' Retirement Savings Crisis: The New $1 Million Magic Number"

Americans believe they need $1.46 million for a comfortable retirement, a 15% increase from last year, while the average nest egg has dropped to $88,400, far below the target. The study reveals a growing retirement crisis, with a significant gap between retirement goals and reality across all generations. Suggestions for avoiding a retirement crisis include working past the age of 65 and considering various factors such as income, marital status, and life expectancy when determining the size of the needed nest egg.

via Daily Mail|

#finance #northwestern-mutual #retirement

finance1 year ago•4 min saved

"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.

via CBS News|

#finance #financial-planning #northwestern-mutual

finance1 year ago•9 min saved

"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.

via PR Newswire|

#finance #financial-planning #inflation

sports2 years ago•2 min saved

Northwestern Mutual Becomes Official Jersey Patch Sponsor for Milwaukee Brewers

The Milwaukee Brewers have announced a multi-year partnership with Northwestern Mutual, which will see the company's logo featured on the team's jerseys. The agreement aims to support childhood cancer research and families impacted by the disease through the expansion of their partnership with Alex's Lemonade Stand Foundation. The funds generated from the partnership will be used to enhance the team's performance, improve the fan experience, and support the community.

via WTMJ|

#childhood-cancer #jersey-patch #milwaukee-brewers