Retirement savings are projected to last 22 years for the average U.S.worker, a slight decrease from the 23 years estimated for 2024.
“Inflation and market volatility remain top of mind, which can make it difficult to develop a long-term retirement strategy,” said Lee McAdoo, managing director at Schwab Retirement Plan Services. “It’s encouraging to see that most savers are prioritizing consistency in terms of their contribution rates and are largely avoiding dipping into their retirement savings – a positive sign that they are focused on their futures.”
For many U.S. employees, retirement may seem distant, but proactive planning for one’s later years is crucial for financial well-being.
According to a 2024 Mass Mutual study, the average retirement age for U.S. workers is 62. A Northwestern Mutual report indicates that many Americans consider $1.46 million the minimum amount needed for a comfortable retirement.
Retirement savings goals and the ideal age to cease working vary among different generations of professionals.