Americans with at least $100,000 in investable assets say they need $2.6 million to retire comfortably, a 26% increase from just a year earlier. On average, they have saved only 52% of that goal, with baby boomers at 74%, Generation X at 55%, Generation Z at 45% and millennials at 42%. Uncertainty surrounding Social Security, persistent inflation, job disruptions and competing financial priorities are making retirement savings harder. A 65-year-old retiring this year is also expected to spend an average of $185,500 on health care throughout retirement, while the Social Security retirement trust fund is projected to run out of reserves by 2032.
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