Here's What Americans Think They Need to Save for Retirement. Are You On Track?

Here's What Americans Think They Need to Save for Retirement. Are You On Track?

Saving for retirement is something you shouldn't neglect. Once you stop working, you may find that your living expenses cost more than anticipated. And you don't want to rely too heavily on Social Security, because not only will those benefits just replace a portion of your former paycheck, they might also be subject to cuts in the not-so-distant future. But just how much money should you aim to save for retirement? According to Schwab, today's workers say they'll need to save an average of $1.7 million to manage their expenses during their senior years. On the one hand, that's a $200,000 drop from last year's magic retirement number, which came in at $1.9 million. On the other hand, it's still a very large number. But it may be more attainable …
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