CHICOPEE, Mass. (WWLP) – Workers are becoming concerned that they will not be able to retire due to inflation making it harder to save, according to a survey.
A 401K survey shows that workers in the U.S. will need to save around $1.8 million dollars for retirement. The recent 401k survey shows that the amount of money needed to retire has increased from last year’s $1.7 million estimate. The survey participants said that 62 percent of workers think of inflation as a challenge to saving for a “comfortable retirement,” which is up from last year’s 45 percent.
West Springfield resident Christine Clark gives some advice about saving early, “When you are in your twenties for instance, you need to start putting money away. So if they put money away, you might actually have the money when you get to be 65-years-old.”
Financial experts say that some ways you can prepare for retirement is by being aware of your retirement needs, contributing money to your employer’s retirement and pension plan, finding out about your social security benefits, avoiding touching the funds in your savings, and don’t be afraid to ask questions whether it’s with your employer or a financial advisor.
According to the U.S. Department of Labor, only half of Americans have calculated how much they need to save for retirement, and they say the earlier you start saving the better.
Kiara Smith is a reporter who has been a part of the 22News team since March 2023. Follow Kiara on X @KiaraBSmith1 and view her bio to see more of her work.
