Working Americans ages 45 and older believe it will take $1.1 million in savings to retire comfortably, yet the majority (59 percent) expect to have less than $500,000 saved, according to a new retirement survey by Schroders.
Schroders recently surveyed 2,000 U.S. investors nationwide to learn more about the state of retirement readiness and planning, key concerns regarding retirement, and where working Americans are turning for financial advice.
Other key findings:
- 24 percent of working Americans nearing retirement age (60-67 years old) said they have enough money saved;
- 53 percent of older workers are concerned that financial stress will negatively affect their overall health; and
- Older workers said the most helpful retirement preparedness advice came from their financial advisor (30 percent), financial websites/publications (25 percent), and family (24 percent).