Increasing fear of expensive retirement sees U.S. adults believing they need $1.46 million for a comfortable, according to Northwestern Mutual’s study, a 15% increase from last year’s $1.27 million.
With the social security system under strain and life expectancy increasing, Gen Z plans to start saving earlier, at age 22, fantasizing about retiring by 60 while Boomers plan to retire by 72.
The daunting future retirement costs are, however, not mirrored by current saving behaviours, with average U.S. retirement savings decreasing to $88,400 in 2023 from $89,300.
My Take…
If you incorporate location arbitrage into your retirement plans, you will not need $1.46 million for a comfortable retirement. That amount in the right places will buy you a luxurious retirement!
For more details click on the link:
https://qz.com/retirement-us-americans-million-inflation-1851381949
