The ‘magic number’ for what Americans think they’ll need to retire comfortably has increased again — how to make sure your savings last your lifetime

The research comes at a time when many Americans are already feeling uneasy about their financial future.

And with people living longer than ever, the challenge isn’t just saving enough money to retire, it’s making sure that money lasts for decades after they stop working.

Retirement targets are going up

According to Northwestern Mutual’s 2026 Planning & Progress Study, the current estimate of $1.46 million matches the record-high level recorded in 2024.

The survey of U.S. adults found that almost half, 46%, don’t think they’ll be financially ready for retirement when the time comes. Meanwhile, 48% say it’s somewhat or very likely they’ll outlive their retirement savings.

A significant 27% of Americans surveyed believe they could live to age 100. On average, Americans say they plan on retiring at age 65 — which would mean a retirement that could last 30 years or more.

Half of Gen X respondents worry they could outlive their savings, while 20% say financial concerns have already forced them to delay retirement.

The study also found about 41% of Americans say they already or are planning to work during retirement, including half of Millennials and Gen Xers.

That decision is about staying active and engaged for some, but for many other people, it’s financial. Nearly half of the respondents who expect to work in retirement say they’ll need the income to afford their desired lifestyle.

Another growing concern is the future of Social Security. One-third of Americans identified the question “Will Social Security be there when I qualify for it?” as one of their biggest retirement worries.

With rising retirement targets and growing uncertainty about future income sources, financial experts say focusing solely on hitting a specific savings number may not be enough.

How to make sure your retirement savings last

The good news is that a $1.46 million retirement target isn’t necessarily as intimidating as it sounds.

Savers can consider focusing less on a single “magic number” and more on building a realistic plan based on their expected spending, income needs and retirement goals.

To help figure out how much you may need, Northwestern Mutual points to a few retirement strategies.

One is the 25x Rule, which suggests saving roughly 25 times your expected annual retirement spending. Under that formula, someone who expects to spend about $58,000 a year in retirement would need approximately $1.46 million saved.

Another guideline is the $1,000-a-month rule, which estimates that every $1,000 of monthly retirement income requires roughly $300,000 in savings. Using that calculation, a $1.46 million nest egg could generate around $4,800 in monthly retirement income.

There’s also the traditional 4% rule, which suggests retirees may be able to withdraw 4% of their savings in their first year of retirement and adjust that amount for inflation over the following decades.

But Northwestern Mutual cautions that rules of thumb are only starting points. There are other factors to consider such as rising healthcare costs, long-term care needs, taxes or legacy planning goals. Here are some additional strategies that can help stretch retirement savings over the long haul:

Maximize retirement account contributions. The IRS increased 401(k) contribution limits to $24,500 for 2026, giving workers an opportunity to shelter more money from taxes while building long-term wealth.

Pay down high-interest debt before retirement. Carrying credit card balances into retirement can quickly drain savings. The National Foundation for Credit Counseling recommends tackling expensive debt as early as possible to reduce future financial pressure.