In Less Than a Decade, You Should Have This Much Saved for Retirement

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Inflation,combined with soaring interest rates, is leaving little left to put aside for later years.

That figure is up from $1.27 million reported last year.

This represents a startling $1.37 million gap between savings and the magic number.

But that is not necessarily a bad thing, said Bobbi Rebell, CFP and founder ofFinancial Wellness Strategies.

The truth is that our needs, wants and realistic lifestyle aspirations are always changing.

Our ability to adapt and be resilient is a good thing.

Rebell noted that the amount needed to retire always seems to be increasing, which can be frustrating.

The study also found that boomers have, on average, $120,300 in retirement savings.

However, their retirement goal is to have $990,000 in savings, representing a $870,000 gap.

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Meanwhile, millennials and members of Gen Z currently hold $62,600 and $22,800 in savings, respectively.

This is a far cry from their respective $1.65 million and $1.46 million magic numbers.

For a rough estimate, you might multiply your current expenses by 25, said Zigmont.

First, retirement can mean different things for different generations.

You may be traveling, spending time with grandchildren, volunteering or learning a new language.

Start thinking and planning as early as possible, be realistic and be prepared to modify your plans.