Americans put the “magic number” for retirement at over $1M – saying they’ll need a target of
$1,058,547, on average.
- Over four in 10 Americans (42%) prefer that employers automatically enroll workers into a retirement savings plan like a 401(k).
- 43% of Millennials are taking a “set it and forget it” approach to retirement savings, compared with 36% of adults overall.
- Men are more likely to feel confident they’ll be able to retire on time, compared to women (47% vs 31%, respectively).
Americans say they need $1,058,547 saved up, on average, in order to retire, according to Empower research.
Over half of Americans (52%) wish they had saved up more money in their retirement accounts when they were younger, and that’s especially true for Gen Xers and Baby Boomers (both 63%).
Baby Boomers say they’re aiming for a target of less than a million at $885,160.76. But younger generations are looking higher than $1.1 million: $1,118,280 for Gen Z, $1,182,708 for Millennials, and $1,188,161 for Gen X.
Differences emerge between adults who have already started saving for retirement and those that haven’t:
| Generation | Retirement target for those who have started saving | Retirement target for those who have not started saving | % difference |
| Gen Z | $1,047,385.67 | $1,199,575.71 | 13.5% |
| Millennials | $1,223,807.05 | $1,088,143.38 | 11.7% |
| Gen X | $1,248,632.19 | $998,313.30 | 22.3% |
| Baby Boomers | $1,090,650.56 | $170,363.96 | 145.9% |
Source: Empower “Magic Number” research, 2024.
The Empower “Magic Number” study is based on online survey responses from 1,097 Americans ages 18+ fielded by YouGov from August 6-7, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).
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What’s your magic number? Access your retirement accounts at retire.pennstatehealth.org to learn more.