Citibank’s David Poole says a 10-year delay can force savers to put away three times as much each month. The head of Citigold North America warned that every year without contributions leaves less time for money to grow, and that retirement can stretch across decades of living expenses and healthcare costs.
David Poole on the delay
“While we all face competing financial priorities, every year you delay saving is one less year your money has to grow,” Poole told MarketWatch. “For every 10 years you delay before starting to save for retirement, you may need to save three times as much each month to catch up because you lose years of compound growth,” he said.
3 times as much is the catch-up burden Poole put on procrastination. The math is simple: when contributions start later, the saver has fewer years for compound growth to do part of the work, so the monthly deposit has to carry more of the load.
2026 survey sets the bar
$1.46 million is the retirement target Americans now say they need to retire comfortably in Northwestern Mutual’s 2026 Planning & Progress Study. That figure is more than 15%, or $200,000, above the prior year, and John Roberts said it reflects persistent inflation, longer life expectancies and uncertainty about the future of Social Security.
48% of Americans in the same study said it is somewhat or very likely they will outlive their savings. The study also found that 46% do not expect to be financially prepared when it is time to retire, while 36% have not taken any steps to address retirement preparedness.
$185,000 versus $1.46 million
$185,000 is the median retirement savings for people ages 55 to 64 in the Fed’s most recent Survey of Consumer Finances, and $200,000 is the median for ages 65 to 74. Those balances sit far below the comfort level Americans say they need, which is why delaying savings compounds into a much steeper monthly target later.
31 is the average age at which U.S. adults start saving for retirement, while 65 is the average age they aim to retire. With men averaging 64 years and women 62 years as retirement ages, some Americans retire earlier, and Poole’s warning lands hardest for anyone already behind the curve. The practical move is straightforward: start as early as possible, because each year lost to delay has to be replaced with a much larger monthly contribution later.
