The finding arrives as many households continue to deal with the cumulative effects of inflation and rising retirement-related costs. At the same time, survey data suggest that a large share of Americans do not expect to be fully prepared for retirement and worry about outliving their savings.
Retirement Expectations Reach a New Peak
According to Northwestern Mutual’s 2026 Planning & Progress Study, Americans now estimate that they need $1.46 million to retire comfortably. The survey, released in April and based on responses from 4,375 adults collected in January, described the figure as a general planning benchmark rather than a specific savings target.
John Roberts, executive vice president and chief field officer at Northwestern Mutual, said the number should be viewed as a “guidepost” for retirement planning. Speaking to USA TODAY, Roberts noted that “there seems to be a widening gap between what we all expect we’re going to need and what we actually have.”
The survey also found widespread concern about retirement readiness. Nearly half of non-retirees said they do not believe they will be financially prepared when they retire. Roughly half of all respondents said it is likely they could outlive their savings, a concern that has long been common among older Americans.
According to USA TODAY, the retirement estimate has fluctuated over recent years but has never been higher than the current $1.46 million figure. The lowest level during the previous four years was $1.25 million in 2022.
The survey was released against a backdrop of higher living costs. USA TODAY reported that retirees in 2026 can expect to face higher expenses for services such as assisted living and skilled nursing care than in previous years.
Most Households Remain Far Below the Benchmark
While the $1.46 million figure reflects public perceptions, retirement savings data show that most Americans have accumulated far less. According to the Federal Reserve’s Survey of Consumer Finances (SCF), the median household headed by a person aged 65 to 74 held about $200,000 in retirement accounts in 2022.
USA TODAY reported that many retirement planners do not suggest that every retiree needs $1.46 million to meet their needs. The publication noted that many Americans retire with well under $1 million in savings, while some rely primarily on Social Security income.
A commonly cited planning target is to save 10 times annual income by age 67. Using a median household income of $83,730 in 2024, that benchmark would amount to slightly more than $800,000 in retirement savings. According to the U.S. Census Bureau, median household income in 2024 was $83,730, a figure that was not statistically different from the 2023 estimate.
Northwestern Mutual’s survey suggests that many Americans remain short of that goal. Among Generation X respondents, only about 13% said they had saved at least 10 times their income for retirement, while a majority reported savings equal to four times their income or less.
The survey also highlighted differences between generations. Nearly three-quarters of Generation Z respondents said they had already saved more than one year of income toward retirement. According to Northwestern Mutual, the average Gen Z saver began putting money aside at age 22, compared with age 32 for the typical Gen Xer. Roberts said that younger Americans are “putting away money earlier,” a trend reflected in the survey findings.
