There is a concerning disparity between what Americans anticipate they will need to retire comfortably and the amount they have in savings, a new survey has found. On average, people believe they should put aside $1.27 million for retirement. Yet they have typically only saved $89,300 - a mere 7 percent of the target sum. According to a Northwestern Mutual , the amount that Americans predict they will need to retire comfortably is also rising - edging up from $1.25 million last year. The amount people are saving has similarly increased, up 3 percent from $86,869 in 2022.
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