Social Security Report

$1.1 Million: That’s What Must Be Saved to Retire Comfortably - AMAC & Yahoo Finance

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.

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