*Many Americans approaching retirement do not believe they will have enough money set aside when they stop working, according to new research from Northwestern Mutual.
The company’s 2026 “Planning & Progress Study” found particularly deep concern among Generation X, the group closest to retirement age. Less than half of Gen X respondents said they expect to have sufficient resources for retirement, and about half anticipate remaining in the workforce during their retirement years.
Savings levels among Gen X respondents also fell short of a commonly cited benchmark. Just 13% reported accumulating savings equal to at least 10 years of income. Most said they had saved four years of income or less, according to USA Today.
The survey, based on responses from 4,375 adults collected in January and released in April, also asked Americans how much money they believe they would need to maintain their lifestyle after leaving the workforce. Participants placed that figure at $1.46 million, the highest amount recorded in the survey in recent years.
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John Roberts, Northwestern Mutual’s executive vice president and chief field officer, said, “There seems to be a widening gap between what we all expect we’re going to need and what we actually have.”
The findings arrive after several years of rising consumer prices. Older Americans now face steeper expenses in areas such as assisted living and skilled nursing care. For many households, accumulating $1.46 million remains out of reach. Federal data from the 2022 Survey of Consumer Finances shows households led by people ages 65 through 74 typically hold about $200,000 in retirement accounts.
Financial professionals often suggest building savings equal to 10 times annual earnings by age 67. Using the 2024 median household income of $83,730, that benchmark would exceed $800,000.
Generation X still has opportunities to strengthen its retirement savings. Financial professionals encourage older workers to increase contributions, take advantage of catch-up provisions, and seek professional advice when planning for retirement. As Americans estimate they will need $1.46 million for retirement, many Gen X workers continue evaluating whether their current savings will meet their future needs.
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