A new survey revealed that many Americans believe they need over $1 million to retire. 

(Photo: DANIEL MUNOZ/AFP via Getty Images) Picture of a hundred US dollar bills on top of Colombian peso bills taken in Bogota, on October 24, 2022. - Colombia, like other countries around the world, is enduring high inflation, as well as a historic devaluation of the peso against the dollar. This is due to both international and local factors, according to experts.

Many people across the globe dream of retiring with enough financial independence so they no longer need to worry about their bills. 

Of course, you need to ensure that you have enough savings if you want to achieve this. 

The question is, how much should you save to retire? Northwestern Mutual, an American financial service provider, conducted a new study to know how much U.S. residents plan on saving before they completely retire. 

Survey Shows Americans Need Over $1 Million To Retire

According to Business Insider's latest report, Northwestern Mutual surveyed over 2,700 U.S. residents. 

(Photo: TIMOTHY A. CLARY/AFP via Getty Images) US currency is seen in a back pocket on March 4, 2021, in New York City. - The pandemic has crippled millions of jobs in the United States but it has had the unexpected effect of increasing the level of savings of Americans, especially that of wealthy households assigned to home and forced to give up travel and entertainment.

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The financial agency's "Planning and Progress Study" revealed that most of the survey's participants want to have more than $1 million in their bank accounts before retiring. 

Americans in their 70s said that they want to have around $936,000 for their retirement. 

U.S. residents in their 60s expect a little higher since they plan to save $968,000. Younger participants believe they need more than $1 million before they stop working. 

• Americans in their 50s: $1.56 million 
• Americans in their 40s: $1.28 million
• Americans in their 30s: $1.44 million 
• Americans in their 20s: $1.20 million 

Based on the study of Northwestern Mutual, Americans between the ages of 20s and 70s believe they need $1.27 million for retirement on average.

However, participants who disclose their savings are still far away from their retirement goals. 

Most of them said that they only had $89,300 in their bank accounts.

"Americans' magic number for retirement readiness continues to rise," said Northwestern Mutual CSO Aditi Javeri Gokhale.  

Gen Z is the Most Confident

Northwestern Mutual also revealed that Gen Z is the most confident generation to achieve financial preparedness for their retirement. 

Around 65% of Gen Zs said that they expect to be financially prepared for retirement when the time comes. 

They are followed by Millenials (54% of them are confident) and Gen X (45% said they expect to be financially prepared for retirement). 

Boomers are the least confident when it comes to retirement financial preparedness.  

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