A survey by Northwestern Mutual says Americans need $1.25 million to retire comfortably but most are not on track to meet that goal. Experts say retirement depends on a variety of factors.

A survey by Northwestern Mutual says Americans need $1.25 million to retire comfortably but most are not on track to meet that goal.&nbsp;Experts say retirement depends on a variety of factors.

Today Explained: What is the Magic Number for Retirement?

It is time for today explained where we break down some of the big stories in the news, how we got here, where we go next. Is there a magic number for retirement? According to a new survey by northwestern mutual. Yes, there is. It's now 20% more than it was just a year ago. Americans believe they will need $1.25 million dollars in savings to retire Higher comfortably. But most people aren't on track to meet that goal anytime soon. The survey found the average retirement nextag has dropped 11% from just under $99,000 last year to roughly $86,000 this year. And the expected retirement age has risen to 64, up from 62.6 last year there are a variety of factors contributing to this retirement. Reshuffling inflation of course volatility in the markets coupled with an increase in spending are forcing americans to rethink their retirement plans. But experts say it's risky to get fixated on one magic number. The amount of money you need to retire comfortably depends on many factors, including where you live, your standard of living, Whether you plan to support others in your retirement. So one size really doesn't fit all when it comes to retirement and experts recommend talking to a financial advisor before making any big decisions. In fact, this can actually help you shave off a few working years. The study found that working with a financial adviser and or being a disciplined planner can help you retire earlier in life. Other tips to boost your retirement savings include contributing to your 401k. Opening an IRA account and reigning in your spending and the earlier you start saving the better. Here's some expert advice on how you can cut down on everyday spending. You know, it's no longer taboo to purchase like generic brands and private label brands and I'd say like don't be afraid to kind of dabble in those private label brands and generic brand products um often have a similar quality and you can save a ton of money in the process. And experts also recommend downloading money tracking apps to stay on top of your budget and of course eliminate unnecessary spending.