Nearly two-thirds of Twin Cities Residents have not planned for the possibility of outliving their savings, according to 2026 Northwestern Mutual Planning &amp; Progress Study
MINNEAPOLIS, April 15, 2026 &ndash; People throughout Minneapolis believe the &lsquo;magic number&rsquo; needed to retire comfortably is now $1.43 million, according to the latest findings from Northwestern Mutual&rsquo;s 2026 Planning &amp; Progress Study. This marks a notable rise from the $1.31 million estimated by Twin Cities Residents in 2025.
&ldquo;As retirement goals shift upward in the Twin Cities, it's clear that residents are thinking more deeply about their long-term security,&rdquo; said Brady Lindemann, Wealth Management Advisor, at Vertex Capital Planning. &ldquo;While a $1.43 million target is a strong benchmark, our goal is to help residents move from anxiety to action by creating a personalized roadmap that can turn those savings into a reliable stream of lifetime income.&rdquo;
The national average of a $1.46 million &lsquo;magic number&rsquo; for retirement is a $200,000 increase year-over-year based on Northwestern Mutual&rsquo;s annual proprietary research series.
Retirement Readiness and the Longevity Gap 
The study found that 54% of Twin Cities Residents believe they will be financially prepared for retirement. Longevity remains a top concern, with 48% believing it&rsquo;s likely they will outlive their savings. Despite this risk, 64% have not yet created a formal plan to address it.
Which steps have been taken?Twin Cities ResidentsIncreased their savings26%Purchased investments24%Put together a financial plan20%Sought advice from a financial advisor20%Purchased whole life insurance14%Discussed options with family13%Conducted research, information searches13%Have a long-term plan12%Learned more about government assistance available8%Obtained information from related associations (e.g., AARP)7%Purchased disability insurance6%
Twin Cities Residents show a strong desire for personal fulfillment alongside financial necessity.
Reasons to continue/plan to continue working in retirementTwin Cities ResidentsContinue to feel useful/stimulated63%Want the additional income to fund preferred retirement lifestyle40%Need the additional income to be able to afford retirement51%Meet new people / be part of a community23%Pursue a new or more fulfilling career21%
While there is no universal retirement number for everyone, Northwestern Mutual generally recommends that people aim to replace around 80% of their pre-retirement income. However, <a href="https://www.northwesternmutual.com/retirement-planning/retirement-calculator/" target="_blank" rel="noopener nofollow">each person's retirement need</a> depends on their individual goals and circumstances, such as when they want to retire, where they&rsquo;ll live, and what kind of lifestyle they want to maintain throughout their retirement years. 
Northwestern Mutual recommends several &ldquo;retirement saving rules of thumb&rdquo; to help people begin to think about how much they may want to save. For example: 
The 25x Rule suggests saving roughly 25 times a person&rsquo;s expected annual spending. Someone with $1.46 million saved would be able to generate about $58,000 in annual retirement income. 
The $1,000-a-Month Rule notes that every $1,000 of desired monthly retirement spending translates to $300,000 the individual should have saved. A $1.46 million nest egg would provide approximately $4,800 in retirement income per month. 
The 4 Percent Rule suggests that an individual may withdraw 4% of their retirement savings in the first year and withdraw the same amount (adjusted for inflation) for about the next 30 years. Four percent of $1.46 million is approximately $58,000 in annual retirement income.

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Twin Cities Residents Believe They'll Need $1...

Nearly two-thirds of Twin Cities Residents have not planned for the possibility of outliving their savings, according to 2026 Northwestern Mutual...

Twin Cities Residents Believe They'll Need $1.43M to Retire, Half Thinking They'll Outlive Savings

80% in the greater Minneapolis-Saint Paul area are taking this route as a result of feeling financially behind, according to 2026 Northwestern Mutual Planning &amp; Progress Study
MINNEAPOLIS-ST. PAUL, March X, 2026 &ndash; 48% of adults in the Twin Cities say they have become more risk-averse with their finances over the past year due to uncertainties with markets, the economy, jobs and more. This aligns with the national average, in which 44% of adults in the United States have reacted similarly with their finances.
Despite the increased aversion to risk for many Minneapolis-Saint Paulresidents, investing in high-risk/speculative assets is fairly prominent in the area &ndash; with cryptocurrencies leading the way. Northwestern Mutual&rsquo;s newly released 2026 Planning &amp; Progress Study also revealed:
&middot;21% of those in the Twin Cities said they are currently investing in &ndash; or considering investing in &ndash; crypto over the next 12 months.
&middot;Additionally, 9% of those surveyed in Minneapolis-Saint Paul are &ndash; or will be &ndash; partaking in sports betting / prediction markets as part of their finances, along with 9% investing in options and 6% in meme stocks. Each of these figures exceed the national average.
Among those in the Twin Cities who are going in the direction of high-risk/speculative assets, 80% say that they are doing so because they feel financially behind and believe these investments will help them reach their financial goals more effectively than traditional methods.
&ldquo;The Planning &amp; Progress emphasizes that people are struggling to keep pace financially and feel like they might need to scramble to catch up,&rdquo; said <a href="https://www.northwesternmutual.com/financial/advisor/elizabeth-rose/" rel="noopener nofollow" target="_blank">Elizabeth Miskovich</a>, private wealth advisor with Northwestern Mutual in Minneapolis. &ldquo;There are multiple ways to achieve your financial goals. Speculative assets can come with a lot of unnecessary risk. Regardless of the path you choose, starting with a financial advisor can help you map out a personalized strategy to help navigate your particular situation.&rdquo;
Open to taking job risk for potential upside 
30% of Minneapolis-Saint Paul respondents shared they would change employer or start a business for that potential upside. Nationally, more than two-thirds of Americans prefer the consistency and stability of staying with one employer rather than taking the risk of moving around.
When faced with uncertainty or the unknown, Twin Cities residents react with anxiety more than the rest of the country (57% compared to 50%). The majority of respondents in the study across the United States shared that they react to those situations with caution (54% overall).
Minneapolis residents are also feeling the pinch more than the national average in many key financial areas. Over the past three months, this is the percentage of those in Minneapolis-Saint Paul who shared that they personally experienced elevated costs for these essentials.
 Minneapolis-Saint PaulOverall U.S.Groceries82%79%Gas43%44%Utilities 68%66%Housing expenses57%49%

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