Americans Need $1.1M For Retirement, But Few Think They Will Get There

Americans Need $1.1M For Retirement, But Few Think They Will Get There

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).

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.