Source: Sornthanashatr Manoonyarat / Getty
Americans are panicking as they try to figure out how much money they need to save for retirement thanks to Bidenflation.
The amount of money American adults believe they will need to save in order to retire comfortably has increased 15 percent over the last year and 53 percent since 2020.
“It would take $1.46 million to retire comfortably, according to a recent survey of 4,588 adults released Tuesday,” reports the Wall Street Journal. “That is up from $1.27 million a year ago. And over $1 million more than the average survey participant’s nest egg.”
Most people are from reaching this objective, with the average amount held in a retirement account today being $88,400. The average worker has a $1.37 million gap between their actual savings and their retirement aspirations.
The cost of everything has exploded since Joe Biden took office. The cost of a dozen eggs jumped from 99 cents under former President Donald Trump to a whopping $4.00 under Biden. The price of gas has also increased significantly, jumping from $2.40 per gallon under Trump to $3.53 today. Given the lack of stability in our economy, anxiety about retirement is sky-high.
The amount of money Americans think they’ll need for retirement varies between generations. Baby Boomers believe they’ll need $990,000 but they’ve saved $120,300 on average. Gen X predicts they’ll need $1.56 million but they’ve saved on average $108,600, while Millennials think they’ll need $1.65 million but have only saved $62,600 on average.
