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Retirement Savings Goal…A Moving Target

It wasn’t that long ago that the popular phrase went something like this, “I’ll need a million dollars to retire.” Well, that was then, this is now, and the mythical goal line for accumulated wealth is continuing to stretch. Now, according to Northwestern Mutual survey findings, the target stands at $1.46 million, and it’s moving faster than the rate of inflation.

But here’s an example of a real retirement financing dichotomy…despite the goalline change, the rate of savings is heading the other way. Financial Advisor’s Edward Hayes reports, “The average amount that U.S. adults have saved for retirement dropped to $88,400 this year from $89,300 in 2023 and it is more than $10,000 off its five-year peak in 2021, the study found.” In a post on, Hayes offers commentary on why and how this is happening. Check out his post here.

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