OMG Americans now need $1.25 millions

By: Riya Gote

A to Z Experience

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Oct 2022

According to a recent study, Americans will require $1.25 million to retire comfortably. Comparing that amount to the $1.05 million respondents mentioned last year, there has been a 20% increase.

Americans increasingly predict that retiring will cost more as general expenditures rise. Adults now estimate that $1.25 million will be needed, up 20% from the previous year, to retire comfortably.

Additionally, the average predicted retirement age has risen from 62.6 last year to 64 this year. Whoa!

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Why do people intend to work more hours? - The primary reason given by 59% of respondents is that they wish to keep working and save money.

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Concerns about escalating medical expenses and unforeseen medical expenses accounted for 45% of other causes.

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A quarter, 26%, are caring for a friend or relative, and 24% have had to draw on their retirement funds.

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15% of respondents said they intended to retire earlier, according to the survey. Spending more time with family and loved ones was the main motivation, indicated by 44% of respondents.

Other explanations included  - putting a personal mission ahead of saving more money (34%); being able to afford it (32%).

Other explanations included  - concentrating on priorities and extracurricular activities (28%); receiving a buyout or other incentive plan (22%); or moving jobs (22%).

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A mix of 401(k) or other retirement account assets, Social Security, and personal savings or investments will make up 27%, 26%, and 22% of their anticipated retirement income, respectively.

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