Retirement costs expected to rise to $2.57M by 2043
The total cost of retirement is projected to reach $2,569,000 by 2043, up from $1,747,000 in 2033, driven by 4% annual spending growth.
Retirement duration is also expanding to 21 years as households age 65+ now spend ~$122,000 annually versus $60,000 in 2000.
Essential costs like housing, childcare, college, and healthcare have squeezed savings capacity, with 67% of workers reporting too many monthly expenses.