The Retirement Question Americans Ask the Most in 2026
Many Americans feel uncertain about retirement — and they're asking the same fundamental question. According to a new Northwestern Mutual study, 40% said their top burning question about retirement is: "How much money will I need to retire comfortably?"
Here's why Americans are struggling to pin down a number — and how to start finding one that works.
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Why So Many Americans Don't Know How Much They'll Need to Retire
Knowing how much money you'll need in retirement is critical — but it's also one of the hardest parts of financial planning.
"This is such a common question because the answer keeps shifting," said Kurt R. Bogseth, wealth management advisor at Echelon Wealth Strategies, Northwestern Mutual. "Costs are rising, expectations are changing and the target continues to move."
At the same time, many Americans worry their savings may not last as long as they need them to.
"People are living longer, and many aren't confident in what role Social Security will play," Bogseth said. "About a third of Americans worry those benefits may not be there when they need them, and nearly half think it's likely they could outlive their savings."
Retirement also looks very different from one person to the next, which adds another layer of uncertainty.
"Lifestyle, location, health and personal goals all play a role, which makes it hard to land on one number," Bogseth said. "Without a plan, that uncertainty can feel overwhelming."
Why There's No Single 'Right' Retirement Number
The idea of a single retirement "magic number" is appealing, but often unrealistic.
"There is rarely a straightforward answer for how much one needs to retire because retirement planning is less about a single number and more about how all the pieces work together," Bogseth said. "Income sources, timing, spending needs and risk all interact, so the answer depends on how those variables come together over time."
Focusing on a general savings target can provide a starting point, but it often misses key factors such as healthcare costs, life expectancy, taxes and personal priorities.
"What matters most is understanding how those variables translate into sustainable income over time, rather than focusing on a single target," Bogseth said.
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How Americans Can Estimate How Much They Need To Retire
Rather than fixating on a lump-sum number, it's more helpful to start with how much you anticipate spending in retirement.
"Many planners suggest aiming to replace about 80% of pre-retirement income, though that can vary depending on lifestyle and goals," Bogseth said. "I have found that clients become used to living on their net income and want to replicate that, at minimum, in retirement."
From there, common guidelines can help translate spending into a savings target.
"For example, the 25x rule suggests saving about 25 times your expected annual spending, while the 4% rule estimates how much income your savings could generate each year," Bogseth said. "These rules of thumb can provide a helpful baseline."
Still, those guidelines don't fully account for major variables such as inflation, market volatility, rising healthcare expenses, taxes or long-term care costs. They also don't consider how and when Social Security benefits may be claimed — a decision that can significantly affect long-term income.
"That is why it is important to build a plan that tests different scenarios, including retirement age, spending levels and potential market conditions," Bogseth said. "Many people also plan to work in some capacity during retirement, which can further affect how much they ultimately need to save."
Working with a financial advisor can help bring all these pieces together.
"An advisor can help turn a rough estimate into a plan that evolves over time and accounts for changes in income, markets and personal goals," Bogseth said. "Ultimately, rules of thumb can help you get in the ballpark, but a comfortable retirement depends on building a plan that reflects your specific goals, risk tolerance and timeline."
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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