The amount of money American adults believe they will need to save in order to retire has increased 15 percent over last year and 53 percent since 2020, according to a new survey.
“It would take $1.46 million to retire comfortably, according to a recent survey of 4,588 adults released Tuesday,” the Wall Street Journal reports. “That is up from $1.27 million a year ago. And over $1 million more than the average survey participant’s nest egg.”
“Millennials, those born between the early 1980s and late 1990s, sharply raised their estimates compared with before the pandemic. When they retire, millennials now expect to need $1.65 million. That is up from just under $1 million in 2020. Baby boomers, born between 1946 and 1964, said they would need $990,000, up from $830,000 in 2020, according to the poll, the latest installment of which was conducted in January,” the report continued.
The pandemic has nothing to do with this change in outlook. What people are freaking out over, and understandably, is Bidenflation. In just a little over three years, the cost of everything, especially the basics of life — housing, energy, and food — has exploded. Watching a dozen eggs jump from 99 cents under former President Trump to $4.00 under His Fraudulency Joe Biden is beyond unnerving. The price of gas jumped from $2.40 per gallon under Trump to $3.53 today. Then there’s the cost of buying a home, high mortgage rates, exploding auto and rent prices, and those booming healthcare costs Obamacare promised to save us from. For the most part, people can get used to anything if there’s stability. Under Biden, though, the only stability is a lack of stability, making it impossible for anyone to plan for the future, especially young people. If eggs cost $4.00 a dozen today, how much will they cost in 20 or 30 years? How much will a gallon of gas cost?