More Americans than ever believe they will need at least $1 million for a comfortable retirement, according to a new survey.
At least 37% of workers say they need at least $1 million to retire, according to an annual survey conducted by the Employee Benefit Research Institute. That’s more than the 33% who said the same in 2016’s survey. The number of Americans saying they need at least this amount has grown steadily over the last few years. In 2007, only 19% of American workers said they needed at least $1 million to retire.
In its annual retirement confidence survey, the research institute surveyed 1,083 American workers ages 25 and older, as well as 589 retirees.
Additionally, 64% of workers say they need at least $500,000 or more to retire. The survey also notes that households with higher incomes are more likely to say they’ll need to save more. The institute found workers making at least $75,000 a year were three times more likely to say they would need $1 million to retire than those who make a lower income.
However, only 41% of workers have tried to calculate how much they would need for a comfortable retirement.
Along with the uptick in the need to have at least $1 million to retire comes a lack of confidence and stress with retirement savings and preparations.
The number of Americans saying they felt either somewhat or very confident about having enough money for a comfortable retirement declined over the last year from 64% in 2016 to 60% in 2017. Additionally, 3 in 10 workers say retirement preparations make them feel stressed.