Portlanders Believe They Will Need $2 Million to Retire Comfortably

PORTLAND, April 14, 2025 – The “magic number” to retire, according to residents of Portland surveyed, is $2.02 million, compared with $1.26 million for people across the U.S. Meanwhile, one in three (34%) of Portlanders with any retirement savings say that they have just one year or less of their current income saved for retirement – and more than half (55%) has 3x their income or less saved.

These are the latest findings from Northwestern Mutual’s 2025 Planning & Progress, the company’s proprietary research series that explores the attitudes, behaviors and perspectives of people in Portland and the U.S., across a broad set of issues impacting their long-term financial security.

In Portland, one in five (21%) have less than 1x their income saved for retirement, similar to the national average of 17%.

Nearly six in 10 (58%) of Portlanders think it’s somewhat or very likely they will outlive their savings, according to the study. Only 13% of residents feel confident enough to say the prospect of outliving their wealth is “very unlikely.” Meanwhile, 42% say they have not taken any steps to address it, much more than 35% nationally.

In addition:

• Portlanders on average began saving for retirement at age 31 and plan to retire when they are 68 – much more than the national average of 65.
• Only 37% feel they will be financially prepared for retirement when the time comes, compared to the national average of 54%

“Portlanders are experiencing greater financial anxiety surrounding their preparedness for retirement,” said Kristie Hill, financial advisor. “What’s important to remember is that retirement planning is individual for each person retiring. By determining your personal ‘magic number,’ based on where you live and your goals for retirement, you can work with a trusted advisor to develop a financial plan built just for you.”

Keeping everything balanced matters

More than half of Portlanders (53%) say that they place too much emphasis on building wealth and growing their assets without dedicating enough to protecting their assets and managing against risks with life insurance or disability insurance.

“A comprehensive financial plan that includes both investments and insurance delivers superior financial outcomes than just an investments plan. By incorporating insurance, you know that you’ll be prepared when the unexpected happens, therefore providing greater financial confidence,” said Hill.

Social Security and inflation burn a hole into top retirement concerns

When it comes to people’s burning questions about retirement, concerns about Social Security and inflation are more pressing than some major planning challenges including outliving life savings, planning for long-term care, managing taxes and budgeting for healthcare.

On the topic of Social Security, 31% in Portland say that they plan to delay receiving their benefits as long as possible to maximize their monthly benefit. Under half (40%) say they will start receiving their benefit when they hit their full retirement age, while 29% say they will start to receive payments as soon as they are eligible, even though their monthly benefit may be reduced.

“Given the uncertainty of our economy right now concerns around inflation and Social Security are common as clients are preparing for retirement. If retirees activate Social Security payments at 67 instead of 62, their checks could grow by 30%. Waiting until 70 could allow for an additional 24% growth,” said Hill.

Not your parents’ retirement – and probably not done with work, either

The research found eight in ten Portlanders (83%) say their vision of retirement is different than how their parents’ generation viewed it, and one in four (26%) say they expect their retirement to last 10+ years longer than their parents.

The biggest differences in retirement life that people expect, generation over generation, are: more travel (48%), more activities that are personally fulfilling (45%), more work (39%), more time with friends and family (37%), and more volunteering (30%). Interestingly, the percentage in Portland who wish to volunteer greatly exceeds the national average (21%).

On the subject of work, 38% in Portland plan to work (or are currently working) during their retirement years.

The top reason people choose to work is they will need the additional income to afford retirement (66%), nearly 20 percentage points higher than the national average of 48%. Other reasons include wanting to continue feeling useful / stimulated (47%) and wanting additional income to fund their preferred retirement lifestyle (43%).

Among Portlanders who said they plan to work in retirement, 62% said that they would work either part-time or full-time at a different job, while 25% expected to pick up a “side gig” with flexible hours. Meanwhile, 10% said that they would work part-time at the same job.

“Reshaping retirement, many people are shifting their focus from simply leaving the workforce to pursuing what truly matters to them,” said Hill. “Whether that means embarking on a new adventure, dedicating more time to family, or contributing to their community, having a solid financial plan ensures they have the freedom to explore their options.”

About The 2025 Northwestern Mutual Planning & Progress Study

The 2025 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults aged 18 or older. The survey was conducted online between January 2 and January 19, 2025. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. A complete survey methodology is available.

About Northwestern Mutual

Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With nearly $700 billion of total assetsi being managed across the company’s institutional portfolio as well as retail investment client portfolios, more than $38 billion in revenues, and $2.4 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 110 on the 2024 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2025.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.

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[1] Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual.