<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Allworth Advice: Taking 401(k) money to pay off debt"/><p class="gnt_ar_b_p">Is $1 million the new benchmark for a comfortable retirement?</p><p class="gnt_ar_b_p">The term “millionaire” used to apply exclusively to the rich. Lately, though, Americans increasingly opine that anyone who hopes to retire in comfort will need at least $1 million in savings.</p><p class="gnt_ar_b_p">In one 2023 survey, from the global investment firm Schroders, older workers predicted they would need<a target="_blank" href="https://www.schroders.com/en-us/us/institutional/clients/defined-contribution/schroders-us-retirement-survey/readiness/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener"> $1.1 million</a> to retire comfortably. A survey from Northwestern Mutual put the figure at<a target="_blank" href="https://news.northwesternmutual.com/2023-06-22-Americans-Believe-They-Will-Need-1-27-Million-to-Retire-Comfortably,-According-to-Northwestern-Mutual-Planning-Progress-Study" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener"> $1.27 million</a>. In a 2024 poll by Charles Schwab, 401(k) participants said they’d need<a target="_blank" href="https://pressroom.aboutschwab.com/press-releases/press-release/2021/Schwab-401k-Survey-Shows-Sharp-Increase-in-Confidence-and-Demand-for-Financial-Advice/default.aspx" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener"> $1.9 million</a> to retire. A New York Life survey set the bar at a staggering <a target="_blank" href="https://www.newyorklife.com/newsroom/2023/new-york-life-wealth-watch-great-wealth-transfer" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">$4.3 million</a>.</p><figure class="gnt_em gnt_em_img"><img class="gnt_em_img_i" style="height:375px" fetchpriority="high" data-g-r="lazy" src="https://www.usatoday.com/gcdn/authoring/authoring-images/2024/03/09/USAT/72912946007-usatsi-20862411.jpg?width=660&height=375&fit=crop&format=pjpg&auto=webp" srcset="https://www.usatoday.com/gcdn/authoring/authoring-images/2024/03/09/USAT/72912946007-usatsi-20862411.jpg?width=1320&height=750&fit=crop&format=pjpg&auto=webp 2x" decoding="async" alt="Not a millionaire? Don't despair. Most of us don't have nearly that much saved for retirement."/></figure><h2 class="gnt_ar_b_h2">Not a millionaire? Don't despair. Many Americans retire on a shoestring</h2><p class="gnt_ar_b_p">If you aren’t a millionaire, don’t despair: Most of us don’t have anywhere near that much in retirement savings.</p><p class="gnt_ar_b_p"><strong>Protect your assets:</strong> <a target="_blank" rel="noopener" data-t-l=":body nav (hys)|e|auto spike click:6|${u}" class="gnt_ar_b_a" href="https://www.usatoday.com/money/blueprint/banking/savings/best-high-yield-savings-accounts/">Best high-yield savings accounts of 2023</a></p><p class="gnt_ar_b_p">According to the 2022 federal Survey of Consumer Finances, the median household in the 55-64 age group holds about <a target="_blank" href="https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/#series:Retirement_Accounts;demographic:agecl;population:all;units:median" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">$185,000</a> in retirement savings. Among all families, the median retirement balance is<a target="_blank" href="https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/#series:Retirement_Accounts;demographic:all;population:all;units:median" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener"> $87,000</a>.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">Is that enough?</p><p class="gnt_ar_b_p">In a new analysis, the personal finance site GOBankingRates identified 16 states where, by their math, you’ll need <a target="_blank" href="https://www.gobankingrates.com/retirement/planning/states-where-youll-need-at-least-1-million-to-retire/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">at least $1 million</a> in savings to cover 25 years of retirement.</p><p class="gnt_ar_b_p">The report considers annual expenses for a retired person in each state, drawing from Labor Department statistics, the local cost of living index and Social Security data.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">First, some good news: The two most popular...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/2024/03/14/16-states-where-retirement-costs-1m/72930077007/">Read more <span>➤</span></a> </div>