Here’s How Much America’s Retirement Savings Dropped in 2022

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Andrey_Popov /

Americans’ retirement savings have languished for some time. However, they took a turn for the worse in 2022, with cracks suddenly appearing in more nest eggs.

Recently, Northwestern Mutual surveyed 2,381 adults for its 2022 Planning & Progress Study and asked them how much money they have saved for retirement.

Survey respondents reported that this year, their retirement savings have dropped — by an average of 11%. While the typical respondent had $98,800 last year, such savings since have shrunk to $86,869.

Northwestern Mutual didn’t speculate as to why savings are down. However, the stock market has been falling for most of the year, and inflation has been rising in the same period. Those factors likely account for at least some of the decline in savings.

As retirement savings shrink, people are getting a bit more pessimistic — or at least realistic — about how much money they might need to retire.

As we reported recently, U.S. adults now estimate they will need $1.25 million to retire comfortably, up from the $1.05 million survey respondents suggested in 2021. For more, check out “Here’s the New Magic Number for Living Comfortably in Retirement.”

How to boost your retirement savings

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