What is the magic retirement number? For most Americans, it's $1.7 million investinyou (In partnership with acorns.)
On average, Americans believe they need $1.7 million to retire, according to a recent survey fromIn fact, "that's a pretty good number if you average out age and median salary across the U.S.," said Nathan Voris, a managing director at Schwab Retirement Plan Services.More than half of those polled are contributing 10% or less of their salary to their— their largest source of retirement savings — with an average annual contribution of $8,788, Schwab found.
That's is a good start but may not suffice for most, Voris said, especially if you start saving for retirement later in life. For example, if you start in your 20s, stashing 10% to 15% of your salary each year could be enough to retire comfortably, according to Schwab. But if you don't start until age 45 or older, you would need to set asideIn addition to those basic guidelines, experts recommend using a retirement calculator to get a more accurate picture of your retirement number.The discrepancy between retirement confidence and preparation is not new.
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