Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Retirement funding: How much do you need to save?
US adults estimate they'll need $427,891 to retire comfortably.
How much money do you need to have saved to retire comfortably? While this number ultimately varies based on your personal plans for retirement, the average American adult believes they need about $427,891 to fund their retirement, according to a new Finder survey.
How much do you need to retire?
How much the average American believes they need to live comfortably hits all ends of the spectrum. Close to half of those surveyed (44.25%) said they would need $346,059 in the bank to be comfortable. About 23% said they’d need approximately $1.75 million, and another 14% said they’d need $41,974.
Women believe they need more to retire than men
On average, women feel they need to save more than men, with women saying they need to tuck away $450,077 versus an average $415,190 for men. In addition to asking how much people they think they’ll need to retire, we also inquired as to how much they had saved to fund their retirements and once more women came out on top, squirreling away an average of $495,927 compared to $486,946 for men.
Generational retirement saving trends
How much you think you’ll need in retirement also depends on when you were born.
Members of Gen Y report needing to save the highest amount at $442,461. They’re closely followed by Gen X at $437,512, with boomers bringing up the rear at $406,112.
However, while Gen Y thinks it needs the most money to retire comfortably, those within the generation are well shy of their retirement goals. Then, they’ve been saving for the least amount of time, managing to amass on average $74,516 for retirement.
Boomers are second among the generations for most money saved for retirement, holding an average $480,462, with Gen X leading the pack for highest retirement savings at $529,422.
Americans underestimate retirement funding needs
Half a million dollars is a lot to squirrel away. Still, that amount may not cut it.
The average American is living to about 78 years old. If you plan to retire at 63, the roughly $428K the average American adult believes they’ll need must last at least 15 years. That leaves you to live off about $28,500 a year — roughly 60% of the current average median household income in the US.
Learn more about retirement planning and the techniques for funding your retirement at Finder’s retirement planning hub.
For media inquiries:

Allan Givens
Public Relations Manager
203-818-2928
allan.givens@finder.com

Nicole Gallina
Communications Coordinator
347-677-4931
nicole.gallina@finder.com
More guides on Finder
-
How can you use your health savings account (HSA) as a retirement investment?
A health savings account (HSA) can help you get prepared for your retirement. Learn more.
-
Which payment method do Americans prefer?
Finder analyzes which payment methods Americans prefer to use during the global health pandemic, finding that cash is no longer king.
-
Millennials prioritize paying off debt above everything else
Most millennails say they want to get out of debt. But they aren’t always taking the steps they need to be set up for success.
-
As Americans sock away more for retirement, here’s how to catch up
Even if you started late, there are strategies to help you amass enough savings to comfortably retire.
-
Consumer behavior: Life insurance 2021
Find out what goes through the mind of Americans’ when they’re purchasing a life insurance policy.
-
New Year’s resolution statistics
Finder survey reveals that 141.1 million adult Americans (55.31%) think they can achieve their 2K21 New Years Resolution.
-
Flooding claim stats
Many homeowners are risking costly damage without flood insurance.
-
Thanksgiving travel statistics for 2019
Finder research reveals that 65 million Americans will be traveling for Thanksgiving in 2019. Find out which generation is most likely to hit the road and when.
-
The biggest driving mistakes of 2019
Speeding is the most common mistake, but texting while driving is the most costly.
-
Black Friday statistics 2020
CHA-CHING. Research reveals Americans plan to spend $148.5 billion on Black Friday and Cyber Monday sales this year.
Ask an Expert