Americans on average believe they’ll need $1.46 million in savings to retire comfortably, according to a 2024 study from Northwestern Mutual. That might feel like a big number, but at the recommended annual withdrawal rate of 4%, that would provide about $58,000 per year in income, well below the current median income in the U.S.
“It seems like the amount of money that would be needed to retire in 30 years is absurd and unreachable,” said Cody Norris, a millennial worker. “How do we do real planning when it seems like the current trends will be unsustainable?”
