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Most Workers Expect to Fall Short of Retirement Savings Goals

Millennials expect they’ll need $1.3 million for a comfortable retirement, but only 29% expect to reach that. Older workers say they’ll need $1.1 million, and only 21% expect to reach it.

By Scott Wooldridge | April 17, 2023 at 07:29 AM
Stock image: Facing down a tidal wave. Source: Shutterstock

A new survey has found that Americans age 45 and older think, on average, it will take $1.1 million to retire comfortably—but only 21 percent expect to reach the $1 million mark by retirement, and almost 60 percent expect to have half of that or less when they retire.

The information comes from the Schroders 2023 U.S. Retirement Survey, conducted earlier this year with 2,000 investors ages 27 to 79. The median income of the respondents is $75,000.

The study found that, among respondents nearing retirement age (60 to 67 years old), only 24 percent said they have enough money for a comfortable retirement.

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