A New Survey Reveals Americans’ Magic Number for Retirement | Kanebridge News
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A New Survey Reveals Americans’ Magic Number for Retirement

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

By JOSEPH DE AVILA
Thu, Oct 27, 2022 9:00amGrey Clock 2 min

The magic number to retire just went even higher.

Americans now think their households will need at least $1.25 million to retire comfortably, a 20% jump from a year ago, according to a survey released Tuesday by financial services company Northwestern Mutual.

While Americans say they will need more money after they retire, the average amount in a retirement savings account has dropped this year to $86,869, an 11% decline from 2021, the survey said.

The expected retirement age also ticked up to 64 years of age, compared with 62.6 last year.

Christian Mitchell, chief customer officer at Northwestern Mutual, said rising inflation and volatility in financial markets are weighing on people’s mind-sets. That is changing people’s expectations around how much savings they will need for retirement, he said.

The survey, which polled 2,381 American adults in February, comes as consumers have been squeezed by rising inflation. That has put pressure on their spending power and their ability to save.

Stock and bond markets have also fallen sharply this year. A typical 60/40 portfolio, where investors put 60% of their money into the stock market and 40% of their money into bonds, is on track to deliver its worst returns in 100 years as of mid-October, according to Bank of America.

As inflation has surged, the federal government has taken steps to try to mitigate the pain for retirees and investors.

The government increased Social Security checks by 8.7% for 2023, the largest cost-of-living adjustment to benefits in four decades. The Internal Revenue Service also made inflation adjustments for 401(k) savings accounts, increasing contribution limits by $2,000 to $22,500 for 2023. About 60 million American workers have 401(k) plans, according to the Investment Company Institute.

The Northwestern Mutual survey found that many Americans are worried about their prospects for retirement. About four in 10 people said they don’t think they will have enough money when they retire. Nearly half of the people surveyed also said they can envision scenarios where Social Security no longer exists.

The amount of money a household will need to retire depends on many variables, including where people live and their standard of living, Mr. Mitchell said. Whether a person expects to care for parents or children in retirement are also factors to consider, he said.

“The $1.25 million for some households, that may be right, it might be too high, it might be too low,” Mr. Mitchell said.

The Covid-19 pandemic has also shaken up retirement plans for Americans. About one in four people said they now plan to retire later because of the pandemic, the survey said. Of those who are putting off retirement, 59% said they wanted to work more to save money. And 45% said they were worried about rising healthcare costs or had unexpected medical costs.

But about 15% of people said they planned to retire early because of the pandemic.



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Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

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A Perfect Blend of Sportiness, Elegance, and Versatility in The New BMW X3

Enhanced sporting appeal, striking design, and versatile functionality to cater to everyday use, leisure activities, and travel

Thu, Jun 20, 2024 6 min

With greater sporting appeal, visual impact, and versatility than ever, the new BMW X3 emerges as a talented all-rounder for everyday use, leisure activities, and trips in the brand’s core segment.

The fourth generation of this Sports Activity Vehicle (SAV) features a new design language that significantly enhances its exterior presence and imparts an aura of dynamic elegance.

Inside the progressively designed cabin, high-quality materials, an expanded standard specification, advanced digitalization, and the new BMW iDrive with QuickSelect based on BMW Operating System 9 create a premium ambiance. Driving pleasure, safety, and long-distance comfort in the new BMW X3 benefit from exceptionally precise tuning of the overall vehicle setup and a wide range of semi-automated driving and parking systems.

The new edition’s modernity and enhanced product lay the foundation for adding another chapter to the BMW X3 success story, which began 20 years ago. Since establishing the SAV segment in the premium midsize class, the BMW X3 has significantly contributed to the growing popularity of BMW X models, becoming the brand’s best-selling model in 2023.

New design language shines the spotlight on distinctive proportions.

A new design language for the exterior helps to give the fourth generation of the BMW X3 an almost monolithic overall appearance with distinctive BMW X model proportions. Generously proportioned surfaces combine with just a few, crisply defined lines to produce a clearly structured exterior that has been reduced to the essentials. The new BMW X3 is longer, the width has increased, and together with the drop in vehicle height and wider tracks, it produces a very powerful and sporty look.

The large BMW kidney grille on the upright front end of the new BMW X3 gives off an air of assured presence. A new structure for the grille interior, comprising vertically and diagonally arranged bars, adds a fresh touch. The optional BMW Iconic Glow contour lighting forms a continuous line around each element of the grille. The daytime driving lights, side lights, and turn signal indicators in the LED headlights are now all produced by L-shaped, overlapping light sources. Adaptive LED Headlights with non-dazzling matrix high beam, urban light, and cornering light functions, plus blue design detailing are optionally available, as are M Shadowline lights.

Bold side skirts and a roofline extending deep into the rear end are the distinguishing features of the new model’s sporty silhouette. The prominently flared wheel arches create the impression of considerable width at the rear. The flush-mounted rear window is bordered by a long roof spoiler and the adjoining side air deflectors. All model variants aside from the BMW X3 M50 xDrive come with exhaust tailpipes integrated out of sight in the rear apron. The fresh interpretation of the characteristic T-shaped graphic and a satinated horizontal bar with integral turn signal indicators help to give the rear lights a very modern appearance.

There is a choice of one solid and eight metallic shades for the exterior paintwork of the new BMW X3, including the new Dune Grey metallic finish. The new BMW X3 is equipped as standard with light-alloy wheels measuring 18 inches in size, with a selection of 20-inch and 21-inch items also available as factory-fitted options. The optional M Sport package creates an exceptionally dynamic look with features such as 19-inch M light-alloy wheels and bespoke design cues for optimizing airflow and aerodynamic balance. The M Sport package Pro builds on this content by adding, among other things, the Iconic Glow contour lighting and M Sport brakes with red-painted calipers. Sporty premium ambience and generous amounts of space.

The cabin of the new BMW X3 blends robust SAV functionality with ample spaciousness and a premium ambience full of individual style. The BMW Curved Display, BMW Interaction Bar, steering wheels with a flat-bottomed rim, and the new-look gear selector lever are the defining elements of the cockpit’s modern take on hallmark BMW driver-focused design. Other model-specific highlights include light elements in a contrasting colour in the centre console and door trims. This new design feature is located towards the front of the driver’s and front passenger doors, where it forms a border around function buttons, ventilation controllers, air vents, and the robust door openers typically found on BMW X models.

The new BMW X3 is fitted as standard with newly designed electrically adjustable and heated sport seats upholstered in Econeer, with surfaces and cushioning made from secondary material. Veganza and BMW Individual Merino leather upholsteries are both available as an option. Making its debut for a BMW model is the optional Luxury instrument panel made from recycled polyester with a high-class knitted texture.

BMW X3 M50 xDrive with standout performance qualities.

The range-topping model, the new BMW X3 M50 xDrive, features the most powerful six-cylinder in-line petrol engine yet fitted in an M Performance model. The 3.0-litre M TwinPower Turbo unit links up with 48V mild hybrid technology. Its maximum output of 398 hp is channeled to the road via an eight-speed Steptronic Sport transmission and BMW xDrive intelligent all-wheel drive. The BMW X3 M50 xDrive powers to 100 km/h from rest in 4.6 seconds.

This stunningly potent powertrain combines with the bespoke chassis technology to deliver a compelling blend of agility, dynamism, and handling precision. M Sport suspension with variable sport steering, M Sport brakes, 20-inch M light-alloy wheels and an M Sport differential integrated into the rear axle all come as standard. There is also the option of adaptive M suspension with electronically controlled dampers. M-specific design features, the M kidney grille with horizontal bars and BMW Iconic Glow contour lighting, and the quartet of exhaust tailpipes all serve to underline the status of the BMW M model as the most powerful version of the new BMW X3.

Systematic electrification for petrol and diesel engines, eight-speed Steptronic transmission and BMW xDrive all-wheel drive as standard.

48V mild hybrid technology also endows all other variants of the new BMW X3 with enhanced efficiency and rapid power delivery. It enables the 2.0-litre four-cylinder petrol unit in the new BMW X3 20 xDrive to generate maximum output of 208 hp. This translates into a 0 to 100 km/h acceleration time of 7.8 seconds.

All the power units link up with an eight-speed Steptronic transmission including shift paddles on the steering wheel as standard. There is also a Sport Boost function for exceptionally rapid bursts of speed in models specified with the M Sport package and in the new BMW X3 M50 xDrive. All model variants also benefit from fully variable distribution of drive power via the BMW xDrive intelligent all-wheel-drive system as standard.

Agility and ride comfort up their game.

All model variants of the new BMW X3 boast driving qualities offering a clearly noticeable increase in agility, cornering stability and long-distance comfort over the outgoing model. A body with lower weight but increased rigidity and the wider rear track both play a role here, as do the high-quality chassis components and control systems tuned for this specific model. Customers looking for even more dynamic prowess can choose the optional M Sport suspension including sport steering and M Sport brakes (both standard for the new BMW X3 M50 xDrive). Adaptive suspension – also to be found on the options list – sharpens the agility of the new BMW X3 while increasing ride comfort.

BMW Operating System 9, BMW iDrive with QuickSelect and BMW Digital Premium.

The new BMW X3 comes with the latest version of BMW iDrive with QuickSelect to provide intuitive, easy control. Its new home screen shows vertically arranged function icons on the same level. The new BMW iDrive is geared squarely to touch and voice control. It is based on BMW Operating System 9, which also paves the way for a customizable selection of additional digital services.

Smartphone integration using Apple CarPlay® and Android Auto™ is available as standard. The BMW ID and My BMW App make it easy to personalise the user experience in the new BMW X3. There is also the option of using the My BMW App to set up the BMW Digital Key Plus with ultra-wideband radio technology for compatible smartphones running iOS or Android or for an Apple Watch.

MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

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