How Much Americans Say They Need to Retire

Two consistent themes are emerging about retirement needs: Americans say they'll need seven figures to quit working, but most don't think they'll get there. A new survey from investment manager Schroders finds workers now peg "comfortable" retirement at $1.2 million in savings—yet only 30% expect to hit $1 million before they stop working, reports CNBC. More than half anticipate having under $500,000, and about a quarter expect to retire with less than $250,000. What's more, one-third say their credit card balances exceed their retirement savings.

Survey respondents largely blame rising prices, debt, and day-to-day costs that crowd out long-term saving. Over half say they can't put 10% of their pay toward retirement, and most (55%) have cut contributions or tapped 401(k)s to keep up with bills. A different survey earlier this year from Northwestern Mutual put the magic number at $1.46 million. Of course, trying to come up with a magic number at all is a tricky matter and highly dependent on individual circumstances, notes Douglas Boneparth of Bone Fide Wealth in New York. He recommends that people sit down with an adviser or at least get a better handle on where their retirement money is being invested.