Americans participating in a workplace retirement plan, such as a 401(k), 403(b) or 457 plan, think they will need to save $1.2 million to retire comfortably, according to Schroders’ 2026 U.S. Retirement Survey. Rising costs, credit card debt and competing expenses appear, however, to be putting this target out of reach for many. Fifty-one percent expect to have less than $500,000 saved by retirement, including 24 percent who say they will have less than $250,000 saved. Just 30 percent believe they will reach the $1 million milestone before retiring.
This savings shortfall has 81 percent of plan participants at least slightly worried about running out of money in retirement. A mix of competing financial demands is affecting their retirement readiness:
69 percent of plan participants believe rising health care, utility, insurance and housing costs have put retirement out of reach for their generation.
• 55 percent are unable to save 10 percent o
