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Kiplinger
Kiplinger
Business
Kathryn Pomroy

Most People Think They Need $1.8 Million to Retire. Do You?

Social Security Schwab Charles Schwab
An older couple stand closely together in the kitchen, looking lovingly at each other.

The majority of Americans believe they need $1.8M to retire comfortably, according to the 2024 401(k) Participant Study by Charles Schwab. While that's unchanged from 2023, it is up from $1.7M in 2022. 

For many people, that figure feels out of reach as inflation remains the top obstacle (48%) to saving for a comfortable retirement. Workers cited stock market volatility as the second biggest concern at 36%, down from 42% last year. The study also found that people expect to retire at age 65 and have their retirement savings last for 23 years if using 401(k) plans to save. 

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