Americans now say they need $1.46 million to retire comfortably, up from $1.26 million in 2025, according to Northwestern Mutual's 2026 Planning & Progress study. The finding is based on a survey of 4,375 people who were asked how much money they think they will need in retirement.

John Roberts, chief field officer at Northwestern Mutual, said the increase reflects ongoing consumer concerns about inflation, with elevated prices in recent years straining household budgets and making it harder for people to save. "Planning for longevity isn't just about accumulating more — it's about building a strategy that can sustain income, manage risk, and adapt over time," Roberts said.

A savings of $1.46 million would provide roughly $4,800 in monthly retirement income, according to Northwestern Mutual. Yet the gap between that target and what Americans have actually set aside remains wide. Among people in the U.S. with retirement accounts, 5% have at least $1 million saved and roughly 9% have $500,000 saved, according to NerdWallet. The median retirement savings for Americans aged 55 to 64 is $185,000, also according to NerdWallet.

Contribution rates have also slipped. Americans trimmed their annual contributions to their 401(k) accounts to 8.9% in 2025, down from 9.2% in 2024, according to data from Dayforce. At the same time, a record share of Americans have taken hardship withdrawals from their retirement savings to cover immediate needs such as medical expenses, according to research from Vanguard.

The 2026 study found that 48% of Americans say it is likely they will outlive their savings, while 36% have not tried to address that possibility. Forty percent of Americans plan to work past the traditional retirement age, a figure that rises to 50% among Millennials and Generation X respondents. Twenty percent of Generation X respondents reported that they are delaying retirement because of financial concerns.

Confidence among Generation Z respondents that they will retire comfortably fell from 63% in the 2025 study to 58% in the 2026 study. Nearly half of Gen Z respondents said they are worried about the financial impact of artificial intelligence, and across all age groups, 33% of respondents said they fear how AI will affect their jobs.

At the upper end of the wealth spectrum, individuals with more than $1 million in investable assets said they need $2.67 million to retire without financial worry, according to the study.