Recent data reveals that U.S. adults believe they will need $1.46 million to retire comfortably, a significant increase of 53% from the $951,000 estimated in 2020. The rise in retirement savings expectations is attributed to economic factors such as inflation and changes in the cost of living.
Experts suggest that to achieve a comfortable retirement, individuals should aim to have specific amounts saved by different ages. For example, by age 30, you should have saved at least $25,000; by age 40, you should have saved at least $50,000; and by age 50, you should have saved at least $100,000. Additionally, it’s recommended to save enough to generate an income of $10,000 per month in retirement.
These figures highlight the growing financial pressures and the importance of strategic financial planning for future retirees. Without a solid plan, it may be difficult to achieve your retirement goals. By working with a financial advisor, you can create a personalized plan that takes into account your individual needs and circumstances.
