Affluent Americans now say they need $2.6 million to retire comfortably, a target 26% higher than a year ago, according to HSBC research conducted by Ipsos and released October 21, 2026. U.S. respondents have saved 52% of that goal on average, leaving a wide gap between what they expect to need and what they hold.
Key Takeaways
- The U.S. retirement target of $2.6 million is roughly double the $1.26 million average across all 10 markets surveyed.
- Boomers have saved 74% of their retirement goal, Gen X 55%, Gen Z 45%, and millennials 42%.
- 64% of U.S. respondents expect to leave work gradually or flexibly rather than stop altogether.
- 48% of U.S. respondents say their primary legacy goal is for children or grandchildren to become fully independent.
- The survey covered 9,993 investors aged 21 to 69 and was conducted from January 6 to February 6, 2026.
How Much Do You Need To Retire Comfortably
For the investors HSBC surveyed, the answer has moved quickly. The $2.6 million figure is a self-reported target, meaning it reflects what respondents believe they need rather than a calculated requirement. That distinction matters. A 26% increase in a single year says as much about how affluent households perceive future costs as it does about the cost of retirement itself.
The survey defined its audience narrowly. Respondents were affluent investors with at least $100,000 in investable assets or high-net-worth investors with at least $2 million, aged 21 to 69, across 10 markets: mainland China, Hong Kong, India, Malaysia, Mexico, Singapore, Taiwan, the UAE, the UK, and the U.S. Ipsos conducted the research online from January 6 to February 6, 2026, so the results capture sentiment from early in the year.
U.S. Targets Run Roughly Double The Global Average
The global comparison is where the U.S. findings stand out. Across all 10 markets, affluent investors put the perceived cost of retirement at $1.26 million, up 20% from last year. American respondents set a target about twice that size, and their target rose faster.
Readiness is similar on both sides. U.S. respondents have saved 52% of their goal, compared with 49% globally. The gap between expectation and preparation is a shared pattern among affluent investors, but in the U.S. it is measured against a much larger number.
For context, the typical American household sits far from either figure. The Federal Reserve’s Survey of Consumer Finances found the median retirement account balance among families holding one rose 11% from 2022 to 2025 to $106,000. The two measures are not directly comparable, since one is a perceived goal among wealthier investors and the other is an actual balance across U.S. families, but together they show how differently retirement looks across income levels.
The Retirement Savings Gap Varies By Generation
The generational breakdown shows that even the oldest cohorts have not reached their targets. Boomers have saved 74% of their goal, and Gen X has saved 55%. Among younger investors, Gen Z (45%) is slightly ahead of millennials (42%).
Some of that spread reflects time. Younger investors have more working years ahead of them, so a lower percentage saved is expected at this stage. The more notable finding is the Boomer figure. A cohort at or near retirement age still reports a quarter of its target unfunded, which suggests many affluent households are adjusting their plans rather than their savings.
Phased Retirement Replaces A Hard Stop
That adjustment shows up in how respondents expect to leave work. Nearly two-thirds of U.S. respondents (64%) expect to leave work gradually or flexibly rather than stop altogether, and 70% say they are planning for a life that does not follow a linear path. Globally, the share expecting a gradual exit is higher still, at 77%.
Across all markets, personal or professional reinvention, such as changing careers or pursuing a new interest, was the most common priority at 52%. Retirement and supporting the next generation ranked equally, at 38% each. For many affluent investors, retirement is now one goal competing with several others, not the single end point of a career.
High Net Worth Retirement Plans Include Legacy Choices
The survey also asked how respondents think about passing on wealth. Nearly half of U.S. respondents (48%) said their primary goal is to encourage children or grandchildren to become fully independent, even if that means some financial struggle along the way. Another 28% said their goal is to provide a safety net for long-term financial stability, even if it reduces the need for the next generation to build its own wealth.
The split points to a broader shift in how affluent Americans balance their own retirement against family support. With targets rising and savings at roughly half of goal, decisions about how much to set aside for heirs now sit alongside decisions about when, and how gradually, to stop working.
FAQs
How Much Money Do You Need To Retire Comfortably?
Affluent Americans surveyed by HSBC said they need $2.6 million to retire comfortably, up 26% from last year. The figure is a self-reported target among investors with at least $100,000 in investable assets, not a universal requirement.
What Is The Average American Retirement Savings?
The Federal Reserve’s Survey of Consumer Finances found the median retirement account balance among U.S. families holding one was $106,000 in 2025, up 11% from 2022. Balances vary widely by age and income.
What Is Phased Retirement?
Phased retirement means leaving work gradually, for example by reducing hours or shifting roles, rather than stopping all at once. In HSBC’s survey, 64% of affluent U.S. respondents and 77% globally expect to retire this way.
How Much Have Gen Z And Millennials Saved For Retirement?
Among affluent U.S. investors surveyed by HSBC, Gen Z respondents have saved 45% of their retirement goal and millennials 42%. Both groups trail Gen X at 55% and Boomers at 74%.
