40% of Americans workers believe they will need over $1 million in savings to retire.
Only 20% of workers have saved over $250,000.
I’m surprised it’s that many. I’ve heard much lower numbers. It looks to me like they are looking at the mean and not the median.
Two in Five Americans Say They’ll Need $1 Million to Retire
Setting a retirement savings goal can feel like a crap shoot. How can you calculate your expenses, especially for health care, five, 10, 50 years from now? If you’ve punted, you have company. Only 41 percent of workers have even tried to figure out how much they need in savings to retire comfortably.
These numbers are more reflective: