The Top Two Obstacles to Retirement Goals According to a New Study
- 00 mins 59 secs
Schwab’s 2023 401(k) Participant Study finds that fewer workers - only 37%- feel very likely to achieve their retirement savings goals. The survey of 1,000 workers also revealed what they expect to be their primary source of retirement income.Channel: Retirement Income
People are growing increasingly worried about not having enough money in retirement. According to a new study, Schwab's 2023 41 K participant study revealed that only 37% of workers feel very likely to achieve the retirement savings goals, which is down 10% from the year prior and on average, they think they'll need $1.8 million. The survey of 1000 workers also showed that inflation and market volatility topped the list of obstacles to saving for a comfortable retirement and both are even bigger concerns than last year. Finally, workers said that they expect 40% of their retirement income to come from 41 K plans, making it their primary source of retirement income.