Americans with workplace retirement plans say they need an average of $1.2 million to retire comfortably, according to Schroders' 2026 U.S. Retirement Survey. The survey, conducted in March and April among 1,500 U.S. investors aged 30 to 79, found that 51% expect to have less than $500,000 saved by retirement, with 24% expecting under $250,000. Only 30% believe they will reach the $1 million mark.
The survey results highlight a significant gap between retirement savings goals and expectations. BlackRock CEO Larry Fink has suggested that Americans actually need $2 million to retire comfortably, a target that most are far from reaching. Vanguard's data on defined-contribution plans shows that participants aged 65 and older had an average balance of $330,186 at the end of 2025, with a median balance of just $103,202. These figures cover only workplace plans administered by Vanguard and exclude other assets like IRAs or pensions.
The amount needed for a comfortable retirement varies widely depending on factors such as location, spending habits, and Social Security benefits. For example, the required savings range from $644,000 in North Dakota to $1 million in New Jersey. Analysts note that there is no official figure for what constitutes a comfortable retirement, and changing assumptions about expenses or Social Security coverage can significantly alter the target savings amount.
The Schroders survey underscores the challenge many Americans face in closing the retirement savings gap. With only 30% expecting to reach $1 million and median account balances well below that, the data points to a widespread shortfall in preparedness for retirement.