More people are increasingly paying attention to retirement planning, as older millennials near 45 and GenZ are starting serious financial planning earlier, with some planning to retire by 60. The growing trend of more conscious spending and saving for the future amid looming risks of Social Security benefits reductions within a decade has led to many speculations on how much money you need to comfortably retire with.
According to a Northwestern Mutual 2024 Planning and Progress study, US adults believe they require $1.46 million to retire comfortably. While future forecasts on retirement costs like medical bills and rising household expenses are possible, in an interview on his official YouTube channel, entrepreneur and investor Kevin O'Leary said the retirement corpus you need will mostly depend on your investment and lifestyle choices.
