Americans on average have saved a fraction of what they think they'll need to "retire comfortably." A new study from Northwestern Mutual found that many age groups think they'll need over $1 million. People have saved 3% to 12% of their retirement goal, depending on which age group you look at. "At the end of the day, the 'magic number' for retirement savings and retirement age are personal for each of us," Kyle Menke, CEO of Menke Financial, a Northwestern Mutual firm, told Insider in an email. "It's clear that rising prices are impacting people's expectations for retirement savings," Menke said.

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