How much money do you need to retire? Here's what Americans say is their magic number.
CBSN
Whether you're fast approaching retirement or have decades to prepare, the question of how much to save can be daunting. Yet Americans have a goal in mind for what's needed to finance a comfortable retirement: $1.26 million.
That's according to a new study by Northwestern Mutual, which surveyed more than 4,500 U.S. adults aged 18 and older. While $1.26 million may seem unattainable to many, it represents a scaled-down ambition from last year's survey, when workers pegged their ideal retirement needs at $1.46 million.
The reason for the scaled-down financial goal comes down to cooling inflation, which has tempered workers' expectations for their retirement needs, researchers at Northwestern Mutual said. Since touching a pandemic peak of 9.1% in June 2022, inflation has gradually eased, dropping last month to 2.4% on an annual basis.
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