56% of adults feel ‘behind' on retirement savings, survey finds. Here's how to tell if you are

Brokerage firms such as Fidelity and T. Rowe provide benchmarks to help clarify the path to retirement.

More than half, 56%, of American adults in the workforce say they are behind where they should be when it comes to saving for their retirement, including 37% who reported feeling"significantly behind," according to a new BankrateHere's how experts say you can figure out if you're actually behind — and what you can do to catch up.

People are also living longer on average, which means many workers are now needing to finance what could be a 30-year retirement. In that case, Rossman said a 4% withdrawal rate was a"safe bet." If people believe they need between $1 million and $2 million to retire — as 13% said in the Bankrate survey — then a 4% withdrawal rate would equate to approximately $40,000 per year, he said.

When people say they are maxing out on their retirement plan, they often mean they are maxing out in terms ofHowever, you may be able to contribute more to your 401 to meet the annual maximum, she said. Workers can contribute up to $22,500 this year under the.

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56% of workers say they're not on track to retire—here's how much money experts say you actually needThe majority of Americans feel behind on their retirement savings, per Bankrate’s survey. Here’s how much experts say you should actually have saved…
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