Here’s how much money it now takes to retire comfortably

    It would take $1.46 million to retire comfortably, reports The Wall Street Journal

    That figure is according to a recent survey of 4,588 adults released Tuesday by financial-services company Northwestern Mutual, and the figure is up from $1.27 million a year ago. It’s also over $1 million more than the average survey participant’s nest egg.

    Teresa Ghilarducci, an economist at the New School for Social Research in New York City, says the changing figure is more reflective of rising retirement anxiety than actual retirement planning. 

    “Anxiety about retirement is sky-high,” she says, noting that concerns about the costs of health care and long-term care add to the worry.

    There is no single magic number or formula for knowing when it is financially safe to retire. The actual size of the nest egg a person needs depends on factors including income, marital status, expected longevity, where someone plans to live in retirement, and whether they want to leave money to heirs.

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