Joe Biden is so badly worrying Americans that many are now assuming that they will have to save 50 percent more to afford to be able to retire.
Americans are now targeting a savings of $1.46 million to retire comfortably — a jump of 53% from their savings target in 2020, according to a new survey from Northwestern Mutual.
Of course, few people are anywhere near that goal.
Per CBS News:
But most people are far from reaching that objective, with the study finding that the average amount held in a retirement account today is just $88,400. That means that the typical worker has a $1.37 million gap between their actual savings and their retirement aspirations.
Due to the impact of inflation and other financial pressures, Americans today believe they need to sock away more for their golden years compared with 2020, when the typical worker pegged a comfy retirement as requiring $951,000 in savings, Aditi Javeri Gokhale, chief strategy officer at Northwestern Mutual, told CBS MoneyWatch.
But, she added, many workers are also expecting to live longer and spend more time in retirement, which may also explain why people believe they need bigger nest eggs than in prior years. Indeed, Gen Z workers, who are currently in their early 20s, want to retire at 60, and almost 1 in 3 think they’ll live to 100, meaning that they’ll need to fund a 40-year retirement, the study found.
“The magic number is at an all-time high — it’s 50% higher than what it was before the pandemic,” Gokhale said. “The cost of living in general, whether in reality or perception, seems to be more costly now than it was before.”
Fewer Americans than ever can afford to retire comfortably, and that number is rising under this horrendous presidency.
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