Americans believe they will need $1.46 million to retire comfortably, a $200,000 jump from the previous year, according to Northwestern Mutual’s 2026 Planning and Progress Study. The survey of 4,375 U.S. adults found that 46% do not expect to be financially prepared for retirement, while 48% believe they could outlive their savings.
Generational patterns vary significantly. Gen Z workers begin saving at age 22 and target retirement at 61, while Gen X starts at 32 and aims for 67. Millionaires with over $1 million in investable assets believe they need $2.67 million for a comfortable retirement. Work during retirement is increasingly common, with 41% of all Americans planning to continue working, rising to 50% among Millennials and Gen X.
Concerns about artificial intelligence are also emerging as a retirement planning factor, with 33% of Americans expressing pessimism about AI’s career impact, a figure that climbs to 46% for Gen Z workers. Those with financial advisors showed significantly higher confidence, with 74% believing they will be financially prepared compared to 43% of those without advisor guidance. The study also noted that 2026 401(k) contribution limits rose to $24,500, with catch-up contributions increasing to $8,000 for those 50 and older.