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Age in America: Is there a ‘magic number’ Americans need to retire comfortably? [Video]

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USA Economy and Markets

Americans are living longer, healthier lives, and that means adults are working longer and retiring later, many with the belief that they must save up more money before doing so.

A survey from MassMutual earlier this year found the average retirement age in the U.S. is 62 years old. To compare, the average retirement age in 1991 was 57.

And with the increase in retirement age has come a rapid increase in what Americans feel is the “magic number” for their retirement savings, with a Northwestern Mutual survey finding U.S. adults believe the comfortable retirement number is $1.46 million. That’s up 15% from last year alone, and in 2020 it was $951,000.

Meanwhile, the survey also found that belief didn’t necessarily translate to an increase in real savings. The average amount Americans had saved for retirement this year was $88,400, a slight drop from the $89,300 reported last year and much lower than the five-year peak …

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