Retirement funding: How much do you need to save? |

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 headshot

Allan Givens
Public Relations Manager

Nicole Gallina headshot

Nicole Gallina
Communications Coordinator

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site