(RightWing.org) – The November presidential election could be the most consequential one in modern times, especially considering the damage an additional four years of Bidenomics could inflict on hard-working Americans. A recent report issued by a leading financial services company detailed the after-effects of just three years of Democratic control of the White House and the very real possibility that retirement is further out of reach of average workers in Biden’s America.
Northwestern Mutual recently released its 2024 Planning and Progress Study, which discusses taxes, work, and retirement. The noted insurance, investment, financial planning, and retirement services company contracted Harris Insights & Analytics (aka The Harris Poll) to survey thousands of adult Americans, including a sample of high-net-worth individuals (people with total household property, investable assets, retirement plans, and pensions greater than a million dollars).
The survey’s participants indicated they expected to need $1.46 million to “retire comfortably.” Putting that in perspective, a similar panel said they only needed $951K when polled during former President Donald Trump’s last year full year in office.
That figure reflects a stunning 53.51% increase in just four years. Respondents said they needed $1.25 million in 2022, and $1.27 million in 2023.
The high-net-worth participants painted a grimmer view of their retirement needs. They indicated a need for at least $3.93 million to retire comfortably. Millennials said they needed $1.65 million, and GenZ participants thought $1.63 million would suffice.
Northwestern Mutual’s 14-page study also revealed some factors working against Americans hoping to maintain an adequate lifestyle during their retirement years. For instance, the survey participants said the average amount of money they had saved for retirement was $88,400 in 2024. However, they said they had $89,300 in 2023, indicating that workers were dipping into their savings accounts to survive Biden’s failed economic policies.
The report also detailed the gap between survey participants’ current retirement saving and their goals. The average for all groups reached $1.37 million. High-net-worth participants needed an additional $3.76 million. The other gaps included $1.61 million for GenZers, $1.59 for millennials, and $1.45 million for GenXers.
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