by Megan Henney
The top source of financial stress for Americans is saving enough for a comfortable retirement -- a fear exacerbated by the coronavirus pandemic, according to a study published on Tuesday.
A nationwide survey by Charles Schwab of 1,000 currently employed 401(k) participants found that on average, respondents believe they need to save $1.9 million for retirement, a 12% increase compared to 2019.
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The average differs slightly by generation: Millennials and Gen X believe they need at least $2 million to retire comfortably, while baby boomers put the number around $1.6 million.
But many believe their retirement goals are out of reach. Only 37% think they are "very likely" to achieve their goals, 49% say they are "somewhat likely" and 14% say it is "not likely" they will achieve their goals at all.
One in five, or 21%, said they expect to retire later than originally planned because of the economic downturn caused by the pandemic.
This is provided for informational purposes only and should not be construed as investment advice. References to specific portfolios should not be considered a recommendation. Data and analysis do not represent the expected future performance of any investment product or strategy.