Retirement: Americans still think they need $1.8 million to retire, survey says

Retirement

Thu Jul 25 2024

Americans still think they need $1.8 million to retire, survey says

Retirement is increasingly becoming a luxury that many American workers cannot afford.

Inflation didn't boost Americans' expectations this year for what they think they need to retire. But it's still a lofty $1.8 million, a survey says.

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Sam Altman, OpenAI - CEO, arrives before the start of Senate Majority Leader Chuck Schumer, Senators Rounds, Heinrich And Young hosting the Inaugural Artificial Intelligence Insight Forum With Key AI Stakeholders To Help Forge Bipartisan Consensus On Legislation To Capitalize On This Transformative Technology in Washington on Sept. 13, 2023.

What is $1,000 a month worth?

Also: The coming retirement tsunami

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Millions of Baby Boomers have been retiring each year since the first members of this generational group (born between 1946 and 1964) became eligible for Social Security benefits in 2008. The pace has accelerated recently as older Americans have weighed the risks of working during the novel coronavirus pandemic, and decided it was an ideal time to bow out of the labor force. (Let's hope they considered at least some of these 27 ugly truths about retirement .) According to an analysis of government data by the Pew Research Center, the number of Boomers who reported they were out of the labor force due to retirement rose by a record 3.2 million last year , more than double the number in 2019. As of August 2021, the U.S. Social Security Administration reported that there are about 46.9 million retired workers in the United States, making up about 14% of the total population (not counting U.S. territories or the District of Columbia). The distribution of these retired workers is, of course, not evenly divided between the states. The share of retired workers in each state ranges between 9.6% and 18.7%. (Washington D.C. has the lowest share -- excluding. territories -- with only 8.6% of its population retired.) To determine the number of retired people in every state, 24/7 Wall St. reviewed data from the U.S. Social Security Administration on the total number of retired workers by state for December 2020. Population figures used in calculating percentages came from U.S. Census Bureau data for 2019. It turns out that the size of a state's population doesn't correlate with its share of retirees. For instance, California and Texas, the top two most populous states, have about 7.6 million retirees between them, but both states rank near the bottom in their percentage of retirees. The country's third-most populous state, Florida, on the other hand, ranks near the top. Climate doesn't appear to be a factor, either. The lure of mild to hot year-round weather is often cited as an attractive draw for older Americans, but the top four states with the largest shares of retirees are located at or near the Canadian border, while Wisconsin and New Hampshire are in the top 10. (These are the best and worst states for a healthy retirement .)

Industries hit hardest, and least, by historic retirement frenzy

A historic retirement spike is expected this year as a record 4.1 million Americans turn 65. The wave is likely to hurt some sectors more than others.

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Owning a home in retirement may not be such a good idea

Is it a bad idea for retirees to own homes? Research shows anyone who takes a mortgage into retirement could be in trouble.

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Serious person with hand on chin looking at laptop.

You may not need to max out your 401(k)

Maxing out your 401(k) can increase your retirement savings but there may be better ways to do it.

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Retirement: Americans still think they need $1.8 million to retire, survey says

Retirement

Americans still think they need $1.8 million to retire, survey says

What is $1,000 a month worth?

Industries hit hardest, and least, by historic retirement frenzy

Owning a home in retirement may not be such a good idea

You may not need to max out your 401(k)

Sign up for the news you want

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Retirement: Americans still think they need $1.8 million to retire, survey says

Retirement

Americans still think they need $1.8 million to retire, survey says

What is $1,000 a month worth?

Industries hit hardest, and least, by historic retirement frenzy

Owning a home in retirement may not be such a good idea

You may not need to max out your 401(k)

Sign up for the news you want

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