Americans are worried about outliving their retirement savings
How many years have fears of outliving savings persisted?
Fears of outliving savings in retirement have persisted for three consecutive years, as revealed by the BlackRock survey. A majority of respondents across various generations, including Gen Z, millennials, and Gen X, expressed concern about their savings running out during their golden years.
What percentage of Americans feel prepared for retirement?
According to a survey published by BlackRock, 68% of Americans feel like they are on track for retirement, a sharp increase from last year's 56%. However, more than 60% of respondents said they are worried about outliving their nest egg in their golden years.
What is the current 'magic number' for comfortable retirement?
The current "magic number" for a comfortable retirement in the U.S. is $1.46 million, according to a study by Northwestern Mutual. This figure, which has surged to an all-time high, represents the amount Americans believe they need to save in order to retire comfortably. It has risen by more than 50% since 2020, and by 15% from last year's figure of $1.27 million. The increase is attributed to factors such as inflation, lifestyle expectations, and longevity.