$1.1 Million: That’s What Must Be Saved to Retire Comfortably - AMAC & Yahoo Finance
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This piece by Yahoo Finance analyzes the Schroders U.S. Retirement survey of 1,000 investors age 45 to 75 conducted earlier in 2022. Working Americans say on average it will take $1.1 million in savings to retire comfortably, but 56% say they expect to have less than $500,000 saved. Note 36% forecast less than $250,000 in savings, and only 24% expect to reach the $1.1. million mark. For comparison here, the average Social Security benefit is less than $20,000 annually.
Significantly more respondents (54%) nearing retirement age (60-67) report they will have less than $250,000 saved for retirement, while 57% of retirees report that they had less than $250,000 saved at retirement. The article also addresses inflation, health care, and fears of an economic downturn as top concerns among those nearing retirement. A majority plan to work in retirement. For more information and data read the full piece here.