The so-called “magic number” to retire comfortably is increasing. A recent article by USA Today says you’ll need to be a millionaire.
The article cites a financial planning survey from Northwestern Mutual, which found that Americans now believe they will need $1.46 million. That’s a big jump from just a few years ago, when the “magic number” was $1.25 million saved for a comfortable retirement.
Don’t be discouraged if you don’t have a huge nest egg. The vast majority of Americans don’t. The article says the average retirement account for Americans ages 65-74 is about $200,000.
Council of Seniors is Here to Help Older Americans
All of us here are Council of Seniors want to improve retirees’ financial futures — and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.