There was once a day when investment advisers suggested that workers should amass a million-dollar savings portfolio for retirement. But thanks to Bidenomics, those days are long gone, as a mere million dollars won’t cut it anymore.
Not only do analysts say Americans need nearly $1.5 million to survive retirement, but that cost has skyrocketed 53 percent just since 2020, according to Northwestern Mutual.
Worse, even as Northwestern Mutual advisers are urging people to have $1.47 million saved, the amount most Americans of retirement age have saved has fallen to $88,000 — an amount that isn’t at all adequate.
“Americans’ ‘magic number’ for retirement is surging to an all-time high – rising much faster than the rate of inflation while swelling more than 50% since the onset of the pandemic,” the company warned in a news release last month.
That “magic number” is also rising quickly thanks to Bidenomics. The company pointed out that just last year, they were advising retirees to have $1.27 million on hand for their golden years. The newest recommendation has jumped 15 percent in just a year, far outpacing the inflation rate of around 3 percent.
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Only as far back as 2020, analysts suggested a savings of $951,000 was an adequate target. This means that those who had that much in 2020 will find their savings inadequate today, and may find themselves in financial jeopardy.
But it’s even worse for younger workers. The company added that Gen Z workers will have to save $1.6 million by the time they are 65 at today’s rates. And those whose income is a bit higher than the national average will likely have to save $4 million to retire at the level at which they are used to living.
Despite the upward pressures on retirement needs, American savings are dwindling just when workers need more.
The company added, “the average amount that U.S. adults have saved for retirement dropped modestly from $89,300 in 2023 to $88,400 today, but is more than $10,000 off its five-year peak of $98,800 in 2021.”
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“In 2023, the soaring cost of eggs in the grocery store symbolized inflation in America. In 2024, it’s nest eggs,” said Northwestern Mutual chief strategy officer Aditi Javeri Gokhale. “People’s ‘magic number’ to retire comfortably has exploded to an all-time high, and the gap between their goals and progress has never been wider. Inflation is expanding our expectations for retirement savings, and putting the pressure on to plan and stay disciplined. Making a ‘magic number’ appear isn’t about waving a wand; it’s about using time-tested techniques and learning from a skilled advisor.”
Many in elite circles are pushing for Americans to work longer, well past the current 65 retirement age. Billionaire BlackRock CEO Larry Fink, for instance, says that Americans should work well past 65 as a measure of helping make sure Social Security does not collapse under the strain of millions of retiring Baby Boomers, the Daily Mail reported in March.
Fink noted that Social Security and pension plans worked better when life expectancy statistics meant that a good number of the people who could earn those benefits would already be dead before becoming eligible to receive their retirement money.
“I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire, he exclaimed in his 2024 letter to shareholders.
Meanwhile, the World Economic Forum is even more stark in its proposal for humanity. In its recent video, “Predictions for the world in 2030,” the group suggested that by that year “you’ll own nothing and you’ll be happy.”
That is what the elites want for us all, and it sure appears that Biden is helping them achieve that.
With all this, it is no wonder that a growing number of Millennials and Gen Zers feel they will never be able to afford to retire, and Forbes recently noted that half of Americans feel they’ll never be able to save enough to retire.
Forbes even lamented that those worries are justified and added, “The reality is that retirement security is out of reach for far too many Americans.”
With the costs of everything soaring under Biden, the pressures on our elderly is immense. And that pressure is only getting worse.
