{"id":2236953,"date":"2024-05-03T22:40:02","date_gmt":"2024-05-04T02:40:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-americans-magic-number-for-retirement-up-50-since-biden-took-office\/"},"modified":"2024-05-03T22:45:45","modified_gmt":"2024-05-04T02:45:45","slug":"bidenomics-americans-magic-number-for-retirement-up-50-since-biden-took-office","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-americans-magic-number-for-retirement-up-50-since-biden-took-office\/","title":{"rendered":"Bidenomics: Retirement &#8216;Magic Number&#8217; Jumps 50% Under Biden Administration"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-americans-magic-number-for-retirement-up-50-since-biden-took-office%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2236953&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The commentary\u2063 by Warner Todd Huston on May\u2062 3, 2024, emphasizes\u2063 the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-pushes-to-finalize-cfpbs-proposed-decrease-to-credit-card-fee-limit\/\" title=\"Elizabeth Warren urges for swift approval of CFPB's credit card fee limit reduction.\">significant financial impact<\/a> of Bidenomics on retirement planning. Under Biden&#8217;s administration, \u200cthe recommended retirement savings target has surged to nearly $1.5 million,\u200d a 53% \u200dincrease since 2020, \u2063creating challenges for Americans \u2062to secure their financial future. Additionally,\u2064 the pressure to save more for retirement is intensifying, with younger generations facing \u2062even higher savings requirements for a comfortable retirement.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/igcolonel\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/igcolonel\/%20\"><span>Warner Todd Huston<\/span><\/a> <\/span> <span>   May 3, 2024 at 6:07pm <\/span> <\/span>  <\/header>\n<section>\n<p>There was once a day when investment advisers suggested that workers should amass a million-dollar savings portfolio for retirement. But thanks to Bidenomics, those days are long gone, as a mere million dollars won\u2019t cut it anymore.<\/p>\n<p>Not only do analysts say Americans need nearly $1.5 million to survive <a href=\"https:\/\/www.westernjournal.com\/bidenomics-12-retired-americans-plan-return-work-2024-citing-rising-costs-survey-shows\/\" target=\"_blank\" rel=\"noopener\">retirement<\/a>, but that cost has skyrocketed 53 percent just since 2020, according to <a href=\"https:\/\/news.northwesternmutual.com\/2024-04-02-Americans-Believe-They-Will-Need-1-46-Million-to-Retire-Comfortably-According-to-Northwestern-Mutual-2024-Planning-Progress-Study#assets_all\" target=\"_blank\" rel=\"noopener\">Northwestern Mutual<\/a>.<\/p>\n<p>Worse, even as Northwestern Mutual advisers are urging people to have $1.47 million saved, the amount most Americans of retirement age have saved has fallen to $88,000 \u2014 an amount that isn\u2019t at all adequate.<\/p>\n<p>\u201cAmericans\u2019 \u2018magic number\u2019 for <a href=\"https:\/\/www.westernjournal.com\/irs-issues-december-31-deadline-must-withdraw-funds-now-will-subject-penalties\/\" target=\"_blank\" rel=\"noopener\">retirement<\/a> is surging to an all-time high \u2013 rising much faster than the rate of inflation while swelling more than 50% since the onset of the pandemic,\u201d the company warned in a news release last month.<\/p>\n<p>That \u201cmagic number\u201d is also rising quickly thanks to Bidenomics. The company pointed out that just last year, they were advising retirees to have $1.27 million on hand for their golden years. The newest recommendation has jumped 15 percent in just a year, far outpacing the inflation rate of around 3 percent.<\/p>\n<p>Only as far back as 2020, analysts suggested a savings of $951,000 was an adequate target. This means that those who had that much in 2020 will find their savings inadequate today, and may find themselves in financial jeopardy.<\/p>\n<p>But it\u2019s even worse for younger workers. The company added that Gen Z workers will have to save $1.6 million by the time they are 65 at today\u2019s rates. And those whose income is a bit higher than the national average will likely have to save $4 million to retire at the level at which they are used to living.<\/p>\n<p>Despite the upward pressures on retirement needs, American savings are dwindling just when workers need more.<\/p>\n<p>The company added, \u201cthe average amount that U.S. adults have saved for <a href=\"https:\/\/www.westernjournal.com\/401k-toast-biden-attacks-big-oil\/\" target=\"_blank\" rel=\"noopener\">retirement<\/a> dropped modestly from $89,300 in 2023 to $88,400 today, but is more than $10,000 off its five-year peak of $98,800 in 2021.\u201d<\/p>\n<div id=\"firefly-poll-container\">\n<p>Do you believe the retirement age is too low?<\/p>\n<\/p><\/div>\n<p>\u201cIn 2023, the soaring cost of eggs in the grocery store symbolized inflation in America. In 2024, it\u2019s nest eggs,\u201d said Northwestern Mutual chief strategy officer Aditi Javeri Gokhale. \u201cPeople\u2019s \u2018magic number\u2019 to retire comfortably has exploded to an all-time high, and the gap between their goals and progress has never been wider. Inflation is expanding our expectations for retirement savings, and putting the pressure on to plan and stay disciplined. Making a \u2018magic number\u2019 appear isn\u2019t about waving a wand; it\u2019s about using time-tested techniques and learning from a skilled advisor.\u201d<\/p>\n<p>Many in elite circles are pushing for Americans to work longer, well past the current 65 retirement age. Billionaire BlackRock CEO Larry Fink, for instance, says that Americans should work well past 65 as a measure of helping make sure Social Security does not collapse under the strain of millions of retiring Baby Boomers, the <a href=\"https:\/\/www.dailymail.co.uk\/yourmoney\/article-13249583\/Larry-Fink-retirement-Social-Security.html\" target=\"_blank\" rel=\"noopener\">Daily Mail reported in March.<\/a><\/p>\n<p>Fink noted that Social Security and pension plans worked better when life expectancy statistics meant that a good number of the people who could earn those benefits would already be dead before becoming eligible to receive their retirement money.<\/p>\n<p>\u201cI do think it\u2019s a bit crazy that our anchor idea for the right retirement age \u2014 65 years old \u2014 originates from the time of the Ottoman Empire, he exclaimed in his 2024 letter to shareholders.<\/p>\n<p>Meanwhile, the World Economic Forum is even more stark in its proposal for humanity. In its recent video, \u201c<a href=\"https:\/\/www.facebook.com\/watch\/?v=10153920524981479\" target=\"_blank\" rel=\"noopener\">Predictions for the world in 2030<\/a>,\u201d the group suggested that by that year \u201cyou\u2019ll own nothing and you\u2019ll be happy.\u201d<\/p>\n<p>That is what the elites want for us all, and it sure appears that Biden is helping them achieve that.<\/p>\n<p>With all this, it is no wonder that a growing number of Millennials and Gen Zers feel they will never be able to afford to retire, and <a href=\"https:\/\/www.forbes.com\/sites\/dandoonan\/2024\/04\/11\/americans-are-worried-about-retirement-savings-and-they-should-be\/?sh=5329df2c2a06\" target=\"_blank\" rel=\"noopener\">Forbes<\/a> recently noted that half of Americans feel they\u2019ll never be able to save enough to retire.<\/p>\n<p>Forbes even lamented that those <a href=\"https:\/\/www.westernjournal.com\/op-ed-hands-off-retirement-savings-biden\/\" target=\"_blank\" rel=\"noopener\">worries<\/a> are justified and added, \u201cThe reality is that retirement security is out of reach for far too many Americans.\u201d<\/p>\n<p>With the costs of everything soaring under Biden, the <a href=\"https:\/\/www.westernjournal.com\/bidenomics-fail-americans-increasingly-forced-dip-retirement-accounts-make-ends-meet-major-bank-reveals\/\" target=\"_blank\" rel=\"noopener\">pressures<\/a> on our elderly is immense. And that pressure is only getting worse.<\/p>\n<hr>\n<div>\n<p><b><i>An Important Message from Our Staff:<\/i><\/b><\/p>\n<p><i><span>We who work here at The Western Journal have fought for years against Big Tech and the elites who want to shut us down and then shut America down. <\/span><\/i><\/p>\n<p><i><span>Make no mistake \u2014 nothing will be the same after November 2024. Will you help us fight? Will you <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>help us expose the America-hating elites<\/span><\/i><\/a><i><span>  who will do everything they can to steal this election? <\/span><\/i><\/p>\n<p><i><span>We\u2019re a small group of people fighting to save the country for our readers and for our own family and friends. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Can we count on your help?<\/span><\/i><\/a><\/p>\n<p><i><span>At this point, Big Tech has cut off our access to 90% of advertisers. Imagine if someone took 90% of your paycheck and there was nothing you could do. They\u2019re trying to starve us out.<\/span><\/i><\/p>\n<p><i><span>Donations from readers like you have literally helped keep our lights on, and <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>we need you<\/span><\/i><\/a><i><span>  now more than ever. <\/span><\/i><\/p>\n<p><i><span>We operate on a shoestring budget, but with that budget, we terrify the globalists. Please help us continue the fight. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Stand with us<\/span><\/i><\/a><i><span>, and we will never surrender.<\/span><\/i><\/p>\n<p><i><span>Thank you for reading The Western Journal and for believing in America. <\/span><\/i><\/p>\n<p><i><span>It is a pleasure to serve you.<\/span><\/i><\/p>\n<p><i><span>P.S. Please don\u2019t let the America-hating left win. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Stand with us today<\/span><\/i><\/a><i><span>!<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-43\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/igcolonel\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-43\">Summary<\/label><label for=\"more-info-tab-radio-43\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-43\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-43\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Warner Todd Huston has been <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chaos-and-confusion-nbc-host-tears-biden-border-chief-to-shreds-on-air-over-border-crisis\/\" title=\"'Chaos and Confusion': NBC Host Tears Biden Border Chief To Shreds On-Air Over Border Crisis\">writing editorials<\/a> and news since 2001 but started his <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/byron-donalds-takes-shot-at-host-of-the-view-dares-panel-to-invite-him-on-as-a-guest\/\" title=\"Byron Donalds Takes Shot at Host of 'The View,' Dares Panel to Invite Him On as a Guest\">writing career penning articles<\/a> about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN and several local Chicago news programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a &#8220;target-rich environment&#8221; for political news. Follow him on Truth Social at @WarnerToddHuston.<\/p>\n<\/p><\/div>\n<div>\n<p>  Warner Todd Huston has been writing editorials and news since 2001 but started his writing career penning articles about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN and several local Chicago news programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a &#8220;target-rich environment&#8221; for political news. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a commentary by Warner Todd Huston on May 3, 2024, at 6:07 pm, the traditional retirement savings goal of a million dollars has been eclipsed by Bidenomics. Analysts now recommend Americans to accumulate nearly double that amount for a secure retirement, highlighting the shifting financial landscape under the Biden administration<\/p>\n","protected":false},"author":180,"featured_media":2236954,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/Nest-egg-target.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2236953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/Nest-egg-target.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2236953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/180"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2236953"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2236953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2236954"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2236953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2236953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2236953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}