Americans' retirement aspirations have reached new heights, with the "magic number" for retirement soaring to an all-time high, surpassing inflation rates and swelling over 50% since the pandemic's onset. These insights stem from Northwestern Mutual's 2024 Planning & Progress Study, delving deep into Americans' financial attitudes and behaviors.
By the numbers: Gen Z and Millennials aim for over $1.46 million for a comfortable retirement, while high-net-worth individuals target nearly $4 million. Despite this ambitious outlook, the average retirement savings saw a modest dip from $89,300 in 2023 to $88,400 today, though it remains over $10,000 below its five-year peak.
In light of these findings, a reverse mortgage could offer a strategic solution for financial planning. It provides homeowners with a way to tap into their home equity, potentially supplementing their retirement income and helping them reach their desired retirement savings goals. Read the full article or email reverse@plazahomemortgage.com to learn more about how a reverse mortgage may benefit your clients.
