Wealth Perception in America - Charles Schwab 2024 Modern Wealth Survey

Charles Schwab released findings from its 2024 Modern Wealth Survey, revealing Americans' perspectives on wealth. The average net worth considered wealthy is $2.5 million, with variations by generation and region. Younger Americans are more optimistic about becoming wealthy. Those with a financial plan feel more confident about their personal finances.

Impact of Bidenflation on Retirement Savings

American adults believe they need $1.46 million to retire comfortably, up from $1.27 million last year and $1 million more than the average nest egg. Bidenflation is causing anxiety about retirement due to skyrocketing costs of housing, energy, and food. Millennials estimate needing $1.65 million, up from under $1 million in 2020. Baby boomers estimate $990,000, up from $830,000 in 2020.