How Much Money Americans Think They’ll Need to Retire

August 25, 2019 Tammy Gordon

Most Americans believe they’ll need an average of $1.7 million to retire, according to a new study from Charles Schwab. Researchers analyzed 1,000 401(k) plan participants across the country.

“The bulk of folks do not get there,” Nathan Voris, a managing director at Schwab Retirement Plan Services, told CNBC.

More than half of respondents surveyed say they are contributing 10% or less of their salary to their 401(k), which is the largest source of retirement savings. The average annual contribution is $8,788, according to the Charles Schwab study.