A Northwestern Mutual study showed that the magic number for retirement, or the number that U.S. adults think they will need to save to retire comfortably, leaped to $1.46 million in 2024, up from $951,000 in 2019.
Americans, on average, reported having saved $88,400 for retirement in 2024, per the same study, leaving a $1.37 million gap between goals and reality.
Now, a new analysis from GoBankingRates released earlier this month examined just how far a hypothetical $1 million in retirement savings will stretch in each state when combined with Social Security benefits.
GoBankingRates used data from the U.S. Census American Community Survey, the U.S. Bureau of Labor Statistics Consumer Expenditure
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