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Amount of Money People Believe They Need for Retirement Jumps 53%

via New York Post

Rising inflation under President Biden is significantly increasing Americans’ estimates of how much they need to save for retirement.

A recent survey found the average amount believed necessary jumped 15% in the last year to $1.46 million, up 53% from 2020.

“It would take $1.46 million to retire comfortably, according to a recent survey of 4,588 adults released Tuesday,” the Wall Street Journal wrote. “That is up from $1.27 million a year ago. And over $1 million more than the average survey participant’s nest egg.”

Younger millennials now estimate needing $1.65 million, up from under $1 million in 2020.

Experts attribute this to soaring costs of living, healthcare, and long-term care.

“Anxiety about retirement is sky-high,” economist Teresa Ghilarducci said.

In just a few years under Biden, essentials like food and fuel have become much more expensive due to excessive government spending, energy policies, and immigration.

This lack of stability makes planning difficult and stresses people trying to save for an unknown future cost of living.

While saving is important, having no debt from things like homes, cars, and credit cards reduces monthly costs and allows retiring with less savings.

Inflation fears under Biden are heightening Americans’ retirement anxiety and pressuring them to save far more than before.

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