{"id":45495,"date":"2026-07-15T12:40:06","date_gmt":"2026-07-15T12:40:06","guid":{"rendered":"https:\/\/financialrush.com\/?p=45495"},"modified":"2026-07-15T12:40:06","modified_gmt":"2026-07-15T12:40:06","slug":"americans-say-they-need-1-2-million-survey-finds","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=45495","title":{"rendered":"Americans say they need $1.2 million, survey finds"},"content":{"rendered":"

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To retire<\/a> comfortably, Americans think they will need $1.2 million saved, according to a new survey<\/a> from global investment manager Schroders.<\/p>\n

Yet just 30% of the workplace retirement plan participants surveyed said they think they’ll reach a $1 million<\/a> savings mark before retiring, the survey found.<\/p>\n

More than half \u2014 51% \u2014 said they expect to have less than $500,000 saved when they reach retirement, including 24% who say they will have less than $250,000 saved, according to the survey, which polled 1,500 investors between March and April.<\/p>\n

The reasons retirement savers cite for falling short include rising costs, credit card debt and competing expenses, the results found. Notably, 33% have more credit card debt than retirement savings, according to the survey. Meanwhile, 55% said they are unable to save 10% of their paychecks toward retirement due to competing expenses \u2014 and 69% said rising costs have put retirement out of reach for their generation.<\/p>\n<\/div>\n

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Read more CNBC personal finance coverage<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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“Many investors are just struggling to turn their good intentions into long-term retirement readiness,” said Deb Boyden, head of U.S. defined contribution at Schroders.<\/p>\n

As individuals face tough trade-offs, retirement savings may be the first thing to be deprioritized, the Schroders survey found. Some respondents have opted to reduce their plan contributions or borrow from their 401(k)s to meet other financial goals, such as reducing debt, paying for emergency expenses or keeping up with rising living costs, according to the results.<\/p>\n<\/div>\n

What to prioritize instead of a ‘magic’ retirement number<\/h2>\n
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The idea of a “magic” retirement savings number that may unlock the ideal retirement is not new.<\/p>\n

Earlier this year, Northwestern Mutual found $1.46 million<\/a> is the threshold Americans say they need to retire comfortably in 2026.<\/p>\n

To be sure, the retirement tallies people think they need may fluctuate with the cost of living \u2014 Northwestern Mutual’s estimate climbed $200,000 from last year. Schroders’ is down<\/a> from $1.28 million. What’s more, they may be just guesses.<\/p>\n

“It’s hard to save for a future that feels abstract when the present feels urgent,” said Douglas Boneparth, a certified financial planner and president and founder of Bone Fide Wealth in New York. Boneparth is also a member of the CNBC Financial Advisor Council<\/a>.<\/p>\n

Rising costs, credit card debt and competing expenses aren’t excuses; they’re reality, Boneparth said.<\/p>\n<\/div>\n

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If you’re feeling behind on retirement savings, it can help to stop chasing a number and start building habits, he said.<\/p>\n

While a goal like $1.2 million can feel far away when you have a balance of $12,000, someone who saves consistently, works to reduce high-interest debt and invests early “can close more ground than they think,” Boneparth said.<\/p>\n

Whether a $1 million retirement savings benchmark suits you will vary based on where you live, your lifestyle and when you retire.<\/p>\n

“You may need more or significantly less,” Boneparth said. “It depends.”<\/p>\n<\/div>\n

Retirement savings on the sidelines<\/h2>\n
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To reach retirement savings goals, it helps to have that money appropriately invested.<\/p>\n

Yet Schroders’ survey found 24% of retirement plan participants don’t know how their retirement savings are invested. Of those who do know, allocations across all types of retirement savings accounts showed a significant portion allocated to cash, with 26%, almost equal to equities, with 27%.<\/p>\n<\/div>\n

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“For participants with long-term horizons, excessive cash can lead to a meaningful opportunity cost,” Boyden said. <\/p>\n

Those cash holdings are largely driven by the pursuit of safety, with 53% of survey respondents; the desire to diversify investments, 44%; and waiting for the right time to invest, 33%.<\/p>\n

To gauge whether you’re on track toward retirement, consult a reputable financial advisor or the educational resources provided through your workplace retirement plan.<\/p>\n

“Most people who feel stuck haven’t sat down with someone to map it out,” Boneparth said. “That conversation alone tends to shift things.”<\/p>\n<\/div>\n

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/a><\/div>\n<\/div>\n\n
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