Affluent Americans Raise Retirement Goal to $2.6 Million
HSBC reports that wealthy Americans now believe they need $2.6 million for retirement, while a FINRA study shows most Americans lack specific savings targets.
Recent data reveals a widening gap in retirement planning and expectations across the United States. HSBC reports that affluent and high-net-worth investors now believe they need an average of $2.6 million to retire comfortably, marking a 26% increase from the previous year. This target is more than double the $1.2 million estimate for general savers reported by Schroders.
Despite these higher goals, wealthy investors have saved an average of only 52% of their target. Progress varies by age, with Baby Boomers reaching 74% of their goal compared to 42% for Millennials. HSBC attributes the rising costs to inflation, increased longevity, and expanded goals, as 70% of respondents are saving for professional reinvention and supporting both children and aging parents.
Broadly, retirement planning remains inconsistent. The FINRA Foundation’s 2024 National Financial Capability Study found that only 39% of Americans have calculated the total savings required for retirement. While 57% of non-retired adults maintain retirement accounts, more than half are contributing without a specific goal. This lack of planning occurs as the 2026 Trustees Report warns that Social Security trust funds could be depleted by 2034, potentially reducing scheduled benefits to 83% without legislative action.
