People think they need $1.2M to retire. Here's where that's actually true

A new survey reveals that Americans believe they need roughly $1.2 million in retirement savings to live comfortably, but the actual purchasing power of that amount varies significantly based on geographic costs. The findings highlight how regional expenses—such as housing, healthcare, and daily living—can drastically alter how far a seven-figure nest egg might stretch. Experts suggest that location plays a critical role in determining retirement security, with high-cost areas potentially requiring far more savings to maintain the same lifestyle. The disparity underscores the importance of factoring in local financial realities when planning for long-term financial stability.

Americans think they need about $1.2 million in savings to retire comfortably, according to a survey by Schroeders published earlier this year. How far you can get with that seven-figure sum depends largely on where you live.