The Million-Dollar Myth

For decades, “$1 million” has been shorthand for financial freedom. Hit seven figures, the logic went, and you could sail off into a carefree retirement.

But recent reports suggest that $1 million might no longer cut it. Between rising inflation, longer lifespans, and the evolving expectations of retirement itself, today’s savers may need to reframe what “enough” really means.

According to the 2025 Planning & Progress Study by Northwestern Mutual, people’s new target for a comfortable retirement is $1.26 million. Other studies suggest it could be even more, depending on where and how you plan to live.

So, is the dream dead — or just different?

Let’s unpack the latest thinking around retirement readiness.

Need help crunching your own numbers? Take our free 2-minute quiz and get matched with an advisor who can walk you through your options.

—The Money Pickle Team

Inflation: The Silent Subtractor

Inflation may not make headlines every day, but its effects are constant. Over time, even modest inflation rates erode purchasing power. At 2% inflation, $1 million today would be worth about $552,000 in 30 years. At 4%, it shrinks closer to $308,000.

And while inflation affects everyone, it can have an outsized impact on retirees, especially those living on fixed incomes.

That’s why many older Americans are thinking bigger when it comes to savings — and thinking more creatively about where and how they retire.

Lifestyle + Longevity = A New Formula

The amount you’ll need depends on more than just math. Geography, healthcare costs, housing, and personal expectations all play a role.

In cities like Los Angeles or New York, high living expenses mean your retirement dollars won’t stretch as far. In lower-cost areas — or abroad — your nest egg may last longer.

It’s also worth noting that people are living longer, and planning for a 30-year retirement is increasingly common. That changes the game and makes careful income planning even more essential.

Don’t Let a Number Define Your Plan

The idea that $1 million isn’t “enough” can feel overwhelming. But retirement isn’t one-size-fits-all, and you don’t need to hit a specific number to feel financially secure.

What you do need is clarity on your own needs, goals, and options.

🥒 Pickle Tip:

Before chasing a magic number, consider your lifestyle, location, and desired retirement timeline. Flexibility and thoughtful planning may be more important than the final figure.

🌟 Final Thought

The ground is shifting, but that doesn’t mean your dreams are out of reach. If headlines about million-dollar shortfalls hit close to home, it might be a good time to talk with someone who can help make sense of it all. A quick conversation with an advisor in the Money Pickle network could help you reframe your plan — so you can retire on your terms.

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