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How Much Americans Say They Need to Retire
Newser • • business
Key Points:
- A Schroders survey reveals Americans believe they need about $1.2 million to retire comfortably, but only 30% expect to save $1 million or more before retiring.
- Over half of respondents anticipate retiring with less than $500,000 in savings, and around 25% expect under $250,000, with one-third reporting credit card debt exceeding their retirement savings.
- Rising living costs, debt, and daily expenses are cited as major barriers to saving, with more than half unable to contribute 10% of their income to retirement and 55% having reduced 401(k) contributions or withdrawn funds to cover bills.
- Experts caution that retirement savings goals vary by individual circumstances and recommend consulting financial advisers to develop personalized plans rather than relying on a fixed "magic number."
