Two in Five U.S. Workers Say They’ll Need More Than $1 Million For Retirement
Of the U.S. workers who’ve tried to figure out how much money they’ll need to retire, two out of five are betting on more than $1 million. That’s according to the findings of the latest Retirement Confidence Survey, published by the Employee Benefit Research Institute (EBRI), Tuesday.
The figure represents a jump of 19% on those who said they needed more than $1 million to retire a decade ago, according to Bloomberg, which also notes that people’s expectations on the size of the nest egg they’ll require tends to rise with their income.
For its 27th Retirement Confidence Survey, EBRI interviewed 1082 workers and 589 retirees on their financial plans and feelings towards retirement. Although 61% of the workers surveyed said they had saved for retirement only about 41% have tried to calculate how much money they’d actually need.
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The survey also suggests that many American employees are stressed about their financial security. About three in ten workers reported feeling anxious about preparing for retirement and around half of those said that financial stress impacted their productivity at work.
“The percentage of workers who feel very confident in being able to afford a comfortable retirement is low,” said Craig Copeland, EBRI senior research associate and co-author of the report. “Many workers are worried about retirement issues and their personal finances more broadly. The key factors are debt, lack of a retirement plan at work, and low savings.”