Americans estimate $1.46 million needed for comfortable retirement

Recent surveys indicate growing anxiety regarding retirement readiness in the United States. According to Northwestern Mutual’s 2026 Planning & Progress Study, Americans estimate they will need an average of $1.46 million to retire comfortably by age 65. This figure represents a significant increase from previous years, rising approximately $200,000 from 2025 estimates.

Financial preparedness remains a major concern, with 46% of respondents stating they do not expect to be ready for retirement and 48% fearing they will outlive their savings. Data suggests that income level is a primary driver of this anxiety; individuals earning less than $25,000 annually are nearly four times more likely to report a lack of confidence in their savings compared to those with six-figure incomes.

The studies also highlight skepticism regarding current retirement vehicles. Only about 21.3% of respondents believe the 401(k) system provides workers with more control, and many low-to-middle-income earners feel the system favors higher earners. Additionally, nearly half of those surveyed expressed support for reinstating pension benefits to strengthen retirement security.