To retire with $1.46 million on a $50,000 salary, how much do you need to save each month?

The cost of living during retirement continues to increase for Americans.

According to Northwestern Mutual's 2024 Planning and Progress study, the average American believes they will require approximately $1.46 million to achieve a comfortable retirement, which is a 15% increase from the previous year's $1.27 million and a 53% increase from their initial goal of $951,000 in 2020.

And younger generations think they'll need even more.

According to a study, Gen Z and millennials expect to need approximately $1.63 million and $1.65 million, respectively, to achieve financial stability.

"The report by Northwestern Mutual's chief strategy officer and head of institutional investments, Aditi Javeri Gokhale, states that the "magic number" for a comfortable retirement has increased to an all-time high. The gap between people's goals and progress has never been wider, she said. Inflation is putting pressure on individuals to plan and stay disciplined with their retirement savings, according to the report."

To calculate the monthly savings needed to achieve a $1.46 million retirement fund at age 65 with an annual income of $50,000, CNBC used a formula that does not factor in unforeseeable events such as raises, promotions, layoffs, or market fluctuations.

If you start at 21

• Earning a 5% annual rate of return: $759 per month
• Earning a 7% annual rate of return: $414 per month
• Earning a 9% annual rate of return: $216 per month

If you start at 25

• Earning a 5% annual rate of return: $957 per month
• Earning a 7% annual rate of return: $556 per month
• Earning a 9% annual rate of return: $312 per month

If you start at 30

• Earning a 5% annual rate of return: $1,285 per month
• Earning a 7% annual rate of return: $811 per month
• Earning a 9% annual rate of return: $496 per month

While setting a savings goal for retirement can be beneficial, it can also be overwhelming if you're far from achieving it. Moreover, your retirement account balance can be affected by factors beyond your control, such as market volatility.

It's crucial to concentrate on what you can manage, like your savings rate, which is the portion of your yearly income you save for retirement.

One of the largest 401(k) providers in the country, Fidelity Investments, advises a savings rate of 15%, which includes your employer's match if available.

It's better to start saving for retirement sooner rather than later, advises Anne Lester, a retirement expert and author of "Your Best Financial Life: Save Smart Now for the Future You Want."

"Starting early is the best way to save money, as it will have more time to grow and accumulate interest over a longer period."

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