Ask Americans how much they need to retire and one number jumps to mind: $1 million.
Survey after survey underscores how deeply the figure has taken hold. Empower found Americans on average peg their target at $1.1 million. Schroders lands at $1.3 million, while Northwestern Mutual’s 2026 poll puts that number closer to $1.5 million.
“People like to anchor to this one simple number,” said Anqi Chen of the Center for Retirement Research at Boston College. “But that’s like saying during your working years, ‘You should have this one salary number, otherwise you’re not living a good ...