Americans believe they need $1.7 million, on average, to retire, according to a recent survey from Charles Schwab. That's a pretty good number if they can get there.
Americans believe they need $1.7 million, on average, to retire, according to a survey from Charles Schwab.Phoenix Wang | Moment | Getty ImagesOn 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.
That's is a good start but may not suffice for most savers, 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.
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