Transamerica Institute’s CEO warns of a retirement ‘perfect storm’ as even affluent Americans fall short of the $2.6 million goal

It feels as if everyone is being stretched thin by today’s economy, and even some of the richest Americans are falling behind on retirement.

Affluent Americans now say they need $2.6 million to retire comfortably—a 26% jump from just a year ago—according to newly released HSBC research conducted by Ipsos, which surveyed investors with at least $100,000 in investable assets. But on average, they’ve saved only 52% of that goal, and no generation is fully on track. Baby boomers, closest to retirement, have reached 74% of their target, while millennials lag at just 42%.

Uncertainty about the future of Social Security, persistent inflation, competing financial priorities, and the threat of job disruptions are all making it harder for Americans to save for retirement, according to a report released last week by the nonprofit Transamerica Institute.

“It is a perfect storm,” Catherine Collinson, CEO and president of Transamerica Institute, said in the report.

Meanwhile, retirement continues to get more expensive just as retirees’ safety net weakens. A 65-year-old retiring this year can expect to spend an average of $185,500 on health care over the course of retirement—a 7.5% year-over-year jump—according to a July Fidelity report. With more than 4.1 million Americans turning 65 each year through........

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