Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

Published: Oct 26, 2022 4 min read
Senior couple using digital tablet while sitting by dining table in living room
Money; Getty Images

Tumbling markets and soaring inflation are weighing on Americans’ retirement expectations, and the picture isn’t looking pretty.

By almost all metrics, the country’s plans for retirement are getting grimmer, according to financial services firm Northwestern Mutual’s latest research on retirement planning. Chief among the findings — which were released Tuesday — is that savers say they now believe they’ll need a whopping $1.25 million in order to retire comfortably.

That amounts to a 20% increase from 2021 and a 32% increase from February 2020 (which was pre-pandemic).

“It’s a period of uncertainty for many people, driven largely by rising inflation and volatility in the markets,” Christian Mitchell, executive vice president at Northwestern Mutual, said in a news release.