It’s a question asked by people of all age groups and walks of life — how much money does it take to retire?

The answer goes back to the person asking it. In large part, it depends on your lifestyle, habits, and finances. Everyone’s ideal retirement savings number will be different. But what about on average?

This recent article from Yahoo calls into question the common number of $500,000. While some say you need more than this, others believe it’s actually possible to retire with less. However, a recent study from Northwestern Mutual puts the number at $1.46 million in 2026, up $200,000 from just a year prior.

How to Retire Earlier with Less Money

About half of Americans are well below the savings goal suggested by experts, and about as many believe they will outlive their savings. For some people, building up a nest egg can be a challenge. But you don’t always need to save up a lot of money if you can balance your earnings and spending accordingly.

Combine smart budgeting with strategies to increase your Social Security benefits, like signing our petition, and your dependence on savings goes down quite a bit.

By mixing in smart investments and taking advantage of compounding interest along with tax breaks, you can manage retirement expenses more easily.

Some people can live solely off their Social Security check. It all goes back to your lifestyle and financial habits. If you have side hustles or other retirement income sources, these can also chip in to put you where you need to be after the full-time workforce. Remember, small efforts add up. Also, it’s never too late to start your retirement planning journey.

We provide weekly content that seniors can use. We cover Social Security changes, retirement planning tips, economic analysis, and more. Follow us on Facebook and Twitter so you never miss a post.

We also petition Congress for higher Social Security benefits in line with what Americans are truly owed. If you support this cause, we’d appreciate your signature.