According to a Charles Schwab survey, American workers estimate that they will need to save about $1.8 million for retirement as inflation continues to heighten financial concerns.
According to the survey, 37 percent of respondents believe it is very likely they would reach this amount, which is a decrease of 10 percentage points from previous year. This estimate is higher than last year’s $1.7 million.
According to a survey of 401(k) members, 62 percent of workers consider inflation to be a barrier to saving for a “comfortable retirement,” up from 45 percent last year, and 42 percent cite stock market volatility as a barrier, up from 33 percent. Approximately 78 percent of respondents claimed that inflation and stock market volatility are having an impact on their spending and saving behaviours, and 36% said that they plan to put off retiring due to these circumstances.