TROY, MICH (WXYZ) — April is Financial Literacy Month. It's recognized annually to raise public awareness of the importance of financial literacy and maintaining smart money management habits.
According to a Planning & Progress Study by Northwestern Mutual that was released earlier this month, $1.46M is the new “magic number” for retirement. This means that the average American believes they will need $1.46M to retire comfortably. This number has risen faster than inflation, jumping 15% in just a year and a whopping 53% since 2020. That’s left people thinking “Am I on pace to retire?”
Roughly 11,000 Americans will turn 65 every day through 2027. Only half of Boomers and Gen X believe they'll be financially ready for retirement. For those longer from retirement, exclusively saving in a work retirement plan might not give them the lifestyle they envision, which makes meeting with a financial planner is needed more than ever. They can help you create optionality throughout your life using a personalized approach.
To learn more about Northwestern Mutual, visit metrodetroit.nm.com.
