"Americans Face Retirement Crisis as Needed Savings Soar to $1.56M"
Originally Published 1 year ago — by Business Insider
A Northwestern Mutual survey found that Americans believe they need $1.46 million to retire comfortably, with Gen Xers estimating they'll need $1.56 million. However, the average savings for Gen Xers is only $108,600, leading to concerns about outliving their savings. The survey also revealed that many Americans, across different generations, are behind in their retirement savings, with high expectations for retirement funds not aligning with current savings. This comes amid economic challenges and financial insecurities, particularly for Gen Xers, as retirement becomes increasingly out of reach for many Americans.