Americans' Retirement Savings Fall Short of $1.46 Million Comfort Goal

A new study reveals a stark gap between retirement aspirations and actual savings, with inflation and cost of living concerns mounting.

Americans believe they need approximately $1.46 million to retire comfortably, a 53% increase from 2020.
The average American has only $88,400 saved for retirement, highlighting a significant gap between expectations and reality.
Inflation and the cost of living are major concerns for Americans planning for retirement, with many feeling they are behind on their savings goals.
Gen Z is starting to save for retirement earlier than previous generations, with an average starting age of 22.
Despite the growing awareness of the need for substantial retirement savings, a significant portion of Americans have not begun saving at all.