Des Moines residents need at least $1 million to retire comfortably, report finds

Cooper Worth, Des Moines Register

Thu, May 15, 2025, 9:35 AM 3 min read

Looking to discontinue soon? Most Des Moines residents judge you request this overmuch to discontinue comfortably.

A new study by Northwestern Mutual surveyed much than 4,600 adults crossed the United States earlier this twelvemonth to gauge people's attitudes and perspectives astir their semipermanent fiscal security. Researchers astatine Northwestern Mutual reported a $200,000 driblet successful what Americans judge is the "magic number" to discontinue comfortably compared to past year's survey results.

Des Moines residents surveyed judge they request $1.21 cardinal to discontinue comfortably, somewhat beneath the nationalist mean of $1.26 million. In 2024, Americans claimed $1.46 cardinal was the fig they'd consciousness comfy retiring with, according to Northwestern Mutual.

"One mentation for (2025's amount) could beryllium ostentation — portion inactive people's #1 interest — isn't arsenic elevated arsenic it was successful caller years," John Roberts, main tract serviceman astatine Northwestern Mutual, said successful a quality release. "Inflation is often described arsenic 'sticky' due to the fact that it tin instrumentality a agelong clip for people's attitudes astir it to change."

Since reaching a highest of 9.1% successful June 2022, ostentation has gradually declined successful caller years. The yearly ostentation complaint was 2.3% last month, down from 2.4% successful March, according to the U.S. Bureau of Labor Statistics Consumer Price Index.

More: Old and not successful the way: Iowans progressively moving past property 65

More than fractional of Des Moines residents — 55% — judge it’s somewhat oregon precise apt their savings won’t past done retirement, with 56% reporting they’ve saved little than 3 years’ worthy of income and 27% little than a azygous year’s income.

Only 16% of Des Moines residents surveyed consciousness assured they’ve saved capable to past done retirement.

Some people, 40%, said they program to enactment — oregon are presently moving — during their status years, with 51% of them saying they volition take to proceed moving adjacent if they're financially good disconnected to enactment stimulated, consciousness utile oregon conscionable to gain further income.

According to Northwestern Mutual, Des Moines residents connected mean commencement redeeming for status astatine 27 and discontinue astatine the property of 66. Des Moines residents, connected average, commencement redeeming 4 years earlier than the U.S. average.

Northwestern Mutual suggests starting to prevention earlier to scope the nationalist mean of $1.26 cardinal by property 65.

More: Iowa ranks successful apical 10 states for retirement. How does it comparison to the remainder of the US?