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A new study indicates that Americans now expect to retire later than they did a year ago, in the wake of a sharp drop in their retirement savings and changing expectations of how much savings they will need to retire.

Northwestern Mutual’s 2022 Planning & Progress Study revealed that Americans’ expected retirement age has risen from 62.6 in 2021 to 64 this year. Fueling that change is that U.S. adults’ average retirement savings have dropped 11% from $98,800 to $86,869 in a year, and their expectations for how much savings they will need in retirement has grown a striking 20% to $1.25 million. The study, which was conducted by the Harris Poll via an online survey in February 2022, includes responses from more than 2,300 Americans 18 and older.

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