Here's How Much Americans Think They'll Need for a Comfortable Retirement

Working Longer Before Retirement

Americans on average plan to work until age 64, up from 62.6 last year, according to the study. It also found that working with an advisor can reduce the anticipated retirement age to 61, and for disciplined planners to 62.

“It’s one of those questions on so many people’s minds — how long should I expect to work in order to save enough for retirement?” Mitchell said. “It’s really difficult to answer because there are all kinds of considerations to factor in. But too many people grapple with it in a bubble.”

He said professional advice can provide clarity and help ensure a more confident decision. When asked about how the pandemic has affected their retirement timelines, 25% of participants said they plan to retire later than they had anticipated. The main reason, cited by 59%, was a desire to work and save money.

Fifteen percent said they plan to retire earlier than expected, with 44% explaining that they want to spend more time with family and loved ones.

Other recent research found that most older working Americans know they can receive higher Social Security benefits if they wait until age 70, but only 11% plan to do so.

Finally, the Northwestern Mutual study uncovered data about what Americans value in their work lives: 60% of adults prioritize personal fulfillment over salary, and 40% income potential in their careers.

“This is a really fascinating finding and one that advisors should take note of as they work with their clients,” Mitchell said. “What people prioritize goes well beyond their bottom lines. The best advisors understand their clients’ values and motivations, not just their financial situations.”