A survey of 1,000 American workers finds that 38 percent have reduced their retirement contributions in the past year, while 18 percent have stopped saving entirely because of high living costs.
By the numbers: As a result, the median worker expects to retire with $515,000, or about half the recommended amount. The findings were published by St. Louis-based real estate company, Clever Real Estate.
- The survey notes that workers’ ability to save for retirement is often tied to broader indicators of financial stability, including homeownership.
- Homeowners have $285,000 saved for retirement — $240,000 more than non-homeowners ($45,000) and $75,000 more than the overall pool of workers ($210,000).
Forty-eight percent of Gen Z workers and 40 percent of millennials pulled money out of their retirement savings, according to the survey.
Of those workers who dipped into their retirement savings, 69 percent withdrew at least $10,000, 47 percent withdrew at least $25,000 and 19 percent pulled out $50,000 or more.
