Bloomberg Law
Aug. 2, 2023, 1:00 PM

US Workers Say They Need $1.8 Million Saved for Retirement

Suzanne Woolley
Suzanne Woolley
Bloomberg News

Workers are finding it harder to save for retirement, even as the amount they need keeps rising.

The average savings target in the US is now $1.8 million, according to a nationwide Charles Schwab survey released Wednesday. That’s up from $1.7 million a year ago.

Nearly 80% of the 1,000 401(k) plan participants surveyed said inflation and market volatility were getting into the way of saving more this year, and 36% of those respondents said they’d retire later than planned as a result.

The year-over-year overall retirement target in the Schwab survey isn’t a huge change, at about 6%, but the percentage of workers who think it’s “very ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.