A Comfortable Retirement Appears Out of Reach for Most in the U.S.
American workers say it will take $1.1 million on average to retire comfortably — but less than one in four figure they’ll be able to save that much.
Just 22% of people approaching retirement age said they’ll have enough money to maintain a comfortable standard of living, according to the 2022 Schroders US Retirement Survey, down from 26% a year ago. The survey of 1,000 workers was conducted in mid-February, when the S&P 500 Index was higher than it is now.
Many Americans expect a significant shortfall in their retirement savings. Fifty-six percent said they expect to have less than $500,000 saved by the time they retire, including 36% who anticipate having less than $250,000.
The leading concern among American workers about retirement was, not surprisingly, that inflation would shrink the value of their assets. The second most-feared event has likely become a reality, at least right now — 53% worried about “a major market downturn significantly reducing assets.”
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