According to a recent survey by GoBankingRates, a concerning 28% of Americans have no savings earmarked for retirement.

Additionally, 39% are not actively contributing to any retirement fund, and a further 30% doubt their ability to retire altogether.

The survey highlights a widespread lack of retirement savings across various demographics, with between 25% and 35% of individuals aged 18 to 64 reporting having no retirement savings.

The amount required for a secure retirement varies depending on individual circumstances.

However, a study conducted by Northwestern Mutual in 2022 revealed that U.S. adults estimate needing $1.25 million to retire comfortably, while a 2023 survey by Schroders suggested a figure of approximately $1.1 million.

Interestingly, the GoBankingRates survey uncovered varying perceptions regarding retirement savings goals, Market Watch reported.

A quarter of the 1,000 participants surveyed believed they could retire with less than $500,000.

Another 25% estimated their retirement needs to fall between half a million and a million dollars, while 30% anticipated requiring a retirement fund in the seven-figure range.

Written by B.C. Begley