(CBS, KYMA/KECY) – Many Americans are concerned about saving enough money for retirement…and inflation is playing a big role in those calculations.
According to a recent study from Northwestern Mutual, U.S. adults believe they’ll need about $1.5 million to retire comfortably. That’s 53% more than people thought they needed just four years ago.
CBS News business analyst Jill Schlesinger shared some tips for saving for the future on CBS Mornings.
“You figure out your spending, you look at your saving, you look at how long you’re probably going to live, and you plug into one of these retirement calculators, [and] here’s what I got. It’s going to say, ‘You’re not doing enough and then you’ve got a series of choices. Do I work longer? Do I spend less,’ and one that I love, ‘Do I create an off ramp for myself? Do I work really hard until I’m 55, 60 years old, and then try to do something for another five, 10, 12 years that really makes me happy, brings in some money, but doesn’t actually exhaust me?'”
Jill Schlesinger, CBS News Business Analyst
According to the study, U.S. adults have saved an average of about $88,000 for retirement.
More than four million Americans turn 65 this year, the largest surge to-date of people hitting the traditional retirement age.