Daily Money - You Need How Much for Retirement?!

Something to know about retirement: There’s no one magic number. Maybe you won’t need a million dollars. Maybe.

These days, most people say they’ll need even more for a comfortable retirement.  According to a survey from Northwestern Mutual, $1.25 million is the new estimate for a decent retirement. Does anyone have that kind of money saved? Relatively few.

Here’s what people told Northwestern they’ll do to get ready for retirement if they find themselves financially unprepared in the years leading up to it:

• Nothing (36%)
• Save more (25%)
• Create a financial plan (22%)
• Invest (21%)

Read more from our reporter Adam Hardy about the increasing anxiety Americans have about retirement, and how inflation isn’t helping matters.

Is anyone listening?

Wish you knew more about managing money after you stop working? You’re not alone.

Most people want more help from their employers, according to an Invesco study, especially when it comes to how to cope with that (hopefully) big pile of money they’ve accumulated after decades of stashing cash.

More than three-quarters of employers claim they give their workers info about how to transition from saving to spending a nest egg — but across all age groups, almost half of employees say they’ve received no advice. That includes:

• Baby boomers (48%)
• Gen X (44%)
• Millennials (46%)

— Jill Cornfield, deputy editor

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