Savers' $1M retirement dream often unattainable, survey finds
Schroders’ spring survey of 1,500 Americans shows savers expect they’ll need about $1.2 million to retire comfortably but expect to retire with less than $500,000, with only 30% aiming for $1 million. Rising costs, debt, and competing priorities keep many from saving, prompting cash hoarding (27% stocks, 26% cash, 17% bonds). Experts warn against chasing a fixed ‘magic number’ and suggest planning toward roughly 10x annual income by age 67 (about $800k for the typical household), noting many retirees rely on Social Security.