A new study from Northwestern Mutual reveals that Americans’ “magic number” to retire comfortably in 2026 has climbed to $1.46 million. This is $200,000 more than last year and in line with 2024 estimates. The increase comes as 46 percent of Americans say they don’t expect to be financially prepared for retirement, and nearly half believe it is somewhat or very likely they will outlive their savings. American millionaires—people with more than $1 million in investable assets—have even higher expectations for retirement income and savings. High-net-worth Americans believe they will need to save at least $2.67 million, on average, to retire comfortably. Even as retirement targets climb, 23 percent of those with retirement savings say they have just one year or less of their current annual income set aside. Nearly half of Gen Xers have at least four times their current annual income or more saved, an improvement over the 41 percent who said the same last year. Additionally, 49 percent of Gen Xers say they expect to be financially prepared for retirement when the time comes, up slightly from 46 percent last year. Gen Z continues to be the most confident generation, with 58 percent expecting to be financially prepared for retirement, down from 63 percent in 2025.
