Americans who currently contribute to a workplace retirement plan such as a 401(k) believe they will need $1.2 million in savings to retire comfortably, according to Schroders’ 2026 US Retirement Survey.
About half of them shouldn’t count on being able to do so
They’re actually on track to have less than $500,000 in savings at retirement — including 24% who say it’s unlikely they will have $250,000 set aside. “Many participants know they’re falling short of their retirement savings goals, and it’s no surprise that more than 80% worry about running out of money in retirement,” Deb Boyden, head of US defined contribution at Schroders, a multinational asset management company, told Yahoo Finance. There are scads of reasons why that potential shortfall is not out of the realm of possibility, according to data crunched from US investors aged 30 to 79. Schroders’ survey was conducted by marketing consultancy 8 Acre Perspective from March 20 through April 15 among 1,500 US investors ages 30 to 79, including 382 retired respondents.
The most disturbing finding is that one-third of investors surveyed reported having more credit card debt than retirement savings. Average retirement savings by state: Where are Americans saving the most — and least? The great retirement shortfall In the past two years, nearly 3 in 10 investors canvassed said they have slashed the amount they contribute to their workplace retirement plan.