The amount of money needed for retiring is down from last year’s $1.9 million. However, fewer Americans believe they will be able to reach that goal in 2022 than they did in 2021.

The survey was conducted among 1,000 U.S. workers who work in a company with 25 or more employees and participate in the 401(k) plan. 47% of participants believe they will meet the $1.7 million goal compared to 53% who believed that they would reach the mark of $1.9 million in 2021. Around 13% think they are unlikely to meet their goal.

Despite taking part in the 401(k) plan, most participants are not solely relying on it for their retirement income. Just 37% expect all of their retirement income to come from 401(k), while 63% expect it from multiple other sources as well, including savings and investments, part-time work, real estate income, and social security.

Among other things, the survey also revealed that the pandemic had a big influence on the retirement timeline for many Americans. Approximately 24% of survey responders will now retire later than planned due to pandemic effects.

The post Here is How Much You Need to Retire According to Schwab appeared first on theprimarymarket.com.

Women are particularly in a challenging position, as 32 percent of them have savings below $10K. In addition, almost half of women participating in the survey had less than $50K saved up, while more than 60 percent have fears they will “run out of money.” Also, 15 percent of women expect to get less than $1K in retirement compared to six percent of men.

The survey was conducted in May with 1,004 Americans aged between 55 and 67 taking part. According to the company, the survey’s goal was to “gauge how seniors view the certainty of their retirement planning in a post-pandemic world.”

Among other key findings, the survey also showed that older Americans are willing to work in retirement more than ever. More than 70 percent of those participating confirmed that they plan or would consider working after retiring. Also, a surprising number of them are interested in cryptocurrency, with almost 30 percent having already invested or planning to invest in crypto.

The post 27% of Older Americans Have Less Than $10K Saved up for Retirement appeared first on theprimarymarket.com.

The amount of money needed for retiring is down from last year’s $1.9 million. However, fewer Americans believe they will be able to reach that goal in 2022 than they did in 2021.

The survey was conducted among 1,000 U.S. workers who work in a company with 25 or more employees and participate in the 401(k) plan. 47% of participants believe they will meet the $1.7 million goal compared to 53% who believed that they would reach the mark of $1.9 million in 2021. Around 13% think they are unlikely to meet their goal.

Despite taking part in the 401(k) plan, most participants are not solely relying on it for their retirement income. Just 37% expect all of their retirement income to come from 401(k), while 63% expect it from multiple other sources as well, including savings and investments, part-time work, real estate income, and social security.

Among other things, the survey also revealed that the pandemic had a big influence on the retirement timeline for many Americans. Approximately 24% of survey responders will now retire later than planned due to pandemic effects.

The post Here is How Much You Need to Retire According to Schwab appeared first on theprimarymarket.com.

Women are particularly in a challenging position, as 32 percent of them have savings below $10K. In addition, almost half of women participating in the survey had less than $50K saved up, while more than 60 percent have fears they will “run out of money.” Also, 15 percent of women expect to get less than $1K in retirement compared to six percent of men.

The survey was conducted in May with 1,004 Americans aged between 55 and 67 taking part. According to the company, the survey’s goal was to “gauge how seniors view the certainty of their retirement planning in a post-pandemic world.”

Among other key findings, the survey also showed that older Americans are willing to work in retirement more than ever. More than 70 percent of those participating confirmed that they plan or would consider working after retiring. Also, a surprising number of them are interested in cryptocurrency, with almost 30 percent having already invested or planning to invest in crypto.

The post 27% of Older Americans Have Less Than $10K Saved up for Retirement appeared first on theprimarymarket.com.