America’s ‘magic number’ for retiring comfortably has shot up again — how to make sure your savings last your lifetime

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Americans' retirement dreams just got a little more expensive.

The amount people believe they need to retire comfortably, often called the retirement "magic number," has climbed to $1.46 million in 2026, according to a new study from Northwestern Mutual — that's a $200,000 jump from last year (1).

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The research comes at a time when many Americans are already feeling uneasy about their financial future.

And with people living longer than ever, the challenge isn't just saving enough money to retire; it's making sure that money lasts for decades after they stop working.

According to Northwestern Mutual's 2026 Planning & Progress Study, the current estimate of $1.46 million matches the record-high level recorded in 2024.

The survey of U.S. adults found that almost half (46%) don't think they'll be financially ready for retirement when the time comes. Meanwhile, 48% say it's somewhat or very likely they'll outlive their retirement savings.

A significant 27% of Americans surveyed believe they could live to age 100. On average, Americans say they plan on retiring at age 65 — which would mean a retirement that could last 30 years or more.

Half of Gen X respondents worry they could outlive their savings, while 20% say financial concerns have already forced them to delay retirement.

The study also found about 41% of Americans say they already work or are planning to work during retirement, including half of Millennials and Gen Xers.

That decision is about staying active and engaged for some, but for many others, it's about finances. Nearly half of the respondents who expect to work in retirement say they'll need the income to afford their desired lifestyle.

Another growing concern is the future of Social Security.

One-third of Americans identified the question "Will Social Security be there when I qualify for it?" as one of their biggest retirement worries.

With rising retirement targets and growing uncertainty about future income sources, financial experts say focusing solely on hitting a specific savings number may not be enough.