According to the Schroders 2023 U.S. Retirement Survey, non-retired Americans between the ages 43 and 58 (Generation X) say on average it will take more than $1.11 million in savings to retire comfortably, yet they expect to have only $661,013 saved. The resulting savings gap of $451,170 tops the expected shortfall facing millennials and baby boomers.
Millennials (ages 27–42) believe they will need more than $1.28 million to retire comfortably and expect to have $877,266 saved, leaving a savings gap of $403,626. Non-retired baby boomers (ages 59-77), believe it takes $924,897 to retire comfortably, which exceeds the amount expected to be saved ($633,401) by $291,496.
Notably, 61 percent of non-retired Gen Xers are not confident in their ability to achieve a dream retirement, compared to 49 percent of millennials and 53 percent of non-retired baby boomers.
Further, 45 percent of non-retired Gen Xers say they have not done any retirement planning, compared with
