Working Americans Say It Will Take $1,100,000 Saved to Retire Comfortably but Less Than One-Quarter Will Get There

How Low Can It Go? Those Near Retirement Age Who Have Enough Money for Retirement Dips From 26% To Just 22%


New York, NY - According to the Schroders 2022 U.S. Retirement Survey, working Americans say on average it will take $1,100,000 in savings to retire comfortably, but 56% say they expect to have less than $500,000 saved, including 36% forecasting less than $250,000 in savings. Only about one-quarter (24%) expect to reach the $1,000,000 mark in retirement savings.

Significantly more respondents (54%) nearing retirement age (60-67 years old) report that they will have less than $250,000 saved for retirement, while 57% of retirees report that they had less than $250,000 saved at retirement.

On the Doorstep of Retirement, Readiness Drops

Last year, the percentage of working Americans nearing retirement age (60-67 years old) who said they have enough money to retire was 26%. This year, that number has declined to just 22%. 

Attaining a “dream retirement” for this age group is possible for some, but others are hoping for luck. The top three replies among non-retirees aged 60-67 on what it will take to have a dream retirement are:

  • Win the lottery (35%)
  • Sacrifice what I want today to save for later years (25%)
  • Stay on the current path (25%)

Among those who have already retired, just 3% describe their situation as “living the dream,” 37% say they are comfortable, 37% said “not great, not bad,” 18% are struggling, and 5% are “living the nightmare.”

A considerable number of retirees (44%) say their expenses in retirement are higher than expected, while just 8% say expenses are less.

Inflation – Healthcare – Downturns Top Concerns; Majority Plan to Work in Retirement

The top concerns Americans have about retirement include:

  • Inflation lessening the value of assets (65%)
  • Higher than expected healthcare costs (64%)
  • A major market downturn significantly reducing assets (53%)
  • A health issue draining savings (52%)
  • Taxes reducing my retirement savings (49%)
  • Not being able to afford the lifestyle they desire (49%)

Amid these concerns, a substantial 69% of working Americans plan to work in retirement.  The primary reasons cited include:

  • To cover basic living expenses (56%)
  • Stay busy (51%)
  • Keep active and in good health (49%)

“These are seriously challenging times, and they seem to be taking a toll on the American worker and their belief about achieving a comfortable retirement,” said Joel Schiffman, Head of Intermediary Distribution, North America, Schroders.  “Last year, inflation was barely on the radar of concerns impacting retirement; this year, it’s the number one concern. And next year, it may be something else. If the past several years have taught us anything, it is that challenges will come, but they can’t derail our focus on saving and preparing for our retirement.”

Planning Not Priority as It’s Overwhelming and Life Is Uncertain; But When Done It’s Useful

Fewer than one-in-four respondents (23%) report having a written retirement plan to guide their decisions, while 40% have done some planning but don’t have a formal plan, and 37% have not done any planning. 

Among those without a plan, 76% find the idea of planning overwhelming and 56% believe it doesn't make sense because life is so uncertain.

However, among those who have done retirement planning:

  • 91% say their plan has been useful to them, with 33% saying it has been critical to putting them on a better path for retirement;
  • Only 9% report that they don't pay attention to their plan.

“Given the relatively small percentage of Americans who have taken the time to create a specific plan for generating enough assets for retirement, it’s not surprising to see that many believe a dream retirement is out of reach,” said Mr. Schiffman.  “As an industry, we need to drive the benefits of planning, of investor education, of starting sooner to save in defined contribution plans and IRAs and investing for growth. Investors have to understand how the money they save now will drive income in retirement. This is especially important during times of great volatility like today that can shake anyone’s confidence and compel investors to leave the market. The good news is, it’s never too late to embark on the planning process and improve your retirement readiness.”

For more information on the Schroders 2022 U.S. Retirement Survey, visit


For further information, please contact :

Jennifer Manser O’Rourke, Head of Corporate Communications, North America

+ 1 212 632 2947


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