Americans Say It Takes $2.1 Million to Retire Comfortably

Americans keep raising the bar on what a comfortable retirement costs. A BlackRock survey pegged the number at $2.1 million, well above other recent estimates and a sign that inflation, longevity, and healthcare costs are reshaping retirement math.

The new magic number

A BlackRock survey of 1,000 registered voters landed at $2.1 million, prompting Larry Fink to write in his 2025 shareholder letter, “That’s a lot. More than I was expecting.”

That figure sits above competing estimates. U.S. adults say they’ll need $1.46 million, on average, to retire comfortably, according to Northwestern Mutual’s 2026 Planning and Progress study. That’s a 15% jump from the $1.26 million they said they’d need in the report’s 2025 edition.

Why the number keeps climbing

Persistent inflation has raised the cost of nearly everything; Fidelity estimates a 65-year-old retiring today will spend approximately $172,500 on healthcare alone across retirement.

Longevity is another factor. More than 27% of Americans think they may live to 100, including 32% of Gen Z, and a 30-year retirement demands far more than a 20-year one.

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Most workers are nowhere close

Only 30% of respondents said they believe they will accumulate at least $1 million before they retire. Meanwhile, 51% expect to have less than $500,000 in retirement savings, including 24% who anticipate retiring with under $250,000.

About one-third (33%) of participants reported carrying more credit card debt than they currently have saved for retirement, while 55% said they are unable to contribute at least 10% of their paychecks toward retirement because other financial obligations take priority.

High-net-worth targets are even higher

High-net-worth Americans believe they will need to save at least $2.67 million, on average, in order to retire comfortably. The gap between what savers say they need and what they actually have is where the asset managers, insurers, and 401(k) providers see their long-term growth story.

Options market and stocks to watch

Watch for flow across the retirement and asset-management complex as these headlines keep drawing attention to the savings gap.

• BLK: BlackRock ran the $2.1 million survey and Larry Fink has made retirement a centerpiece of his shareholder letters. Watch for continued messaging around private markets in 401(k)s.
• NWLI and other life-and-annuity names: watch for demand as workers seek guaranteed income products.
• LTM (LPL Financial): watch for advisory-driven flows as households try to close the gap.
• SCHW: Schwab benefits from any pickup in retail retirement account funding.
• BEN: Franklin Resources is levered to retirement-plan asset flows across active and passive.

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