The nest egg that Americans believe they need to retire comfortably continues to rise — skyrocketing to $1.46 million, according to Northwestern Mutual’s 2024 Planning & Progress Study. That number is up from $1.27 million just a year ago, and up more than 50% since 2020. Since we announced our proprietary research results in early April, the most common follow-up question I’ve heard is, “Why?”
Inflation certainly plays a significant role in Americans’ minds. Almost across the board, we’ve seen costs increase — some significantly. And while the rate of inflation has slowed in the U.S., elsewhere there are few examples of expenses decreasing to the levels we knew. However, inflation is just one factor in the findings.
