Only about half think they're likely to achieve that goal — and inflation is adding to the challenge.
from Charles Schwab's Retirement Plan Services. In 2021, workers said they believed they would need $1.9 million to retire, the survey found.
"Inflation was really evident in what's on the mind of 401 investors," Golladay told CBS MoneyWatch."That finding was something we've seen for the first time in a very long time." "I'm hopeful that [the finding] says that individuals know that their 401 is for the long term," Golladay added."But inflation is day to day, and that is something you can't avoid."
to Vanguard. But older workers have much more saved up, with the average balance for those between ages 55 to 64 standing at $256,000, Vanguard found. Still, that's a far cry from $1.7 million.About 47% told Schwab they were extremely likely to hit their retirement savings goal, but that's down from 53% last year. The remaining workers said they weren't confident or only somewhat confident they could sock away their target amount.