Posted 4/9/2024, 4:54:00 PM
Retirement Savings Gap Widens to $1.37 Million Due to High Inflation and Stagnant Savings Rates
- New study finds 'magic number' for retirement hits record $1.46 million due to high inflation
- Figure jumped 15% from 2023 and 53% over 5 years, far outpacing current 3% inflation rate
- Gen Z and millennials think they'll need over $1.6 million to retire comfortably
- Americans are not saving more despite needing higher retirement funds; average savings fell to $88,400
- Gap between what people need for retirement and what they've saved is now $1.37 million, up from $874,000 5 years ago
