US Workers Say They Need $1.8 Million Saved for Retirement

Workers are finding it harder to save for retirement, even as the amount they need keeps rising.

The average savings target in the US is now $1.8 million, according to a nationwide Charles Schwab survey released Wednesday. That’s up from $1.7 million a year ago.

Nearly 80% of the 1,000 401(k) plan participants surveyed said inflation and market volatility were getting into the way of saving more this year, and 36% of those respondents said they’d retire later than planned as a result.

The year-over-year overall retirement target in the Schwab survey isn’t a huge change, at about 6%, but the percentage of workers who think it’s “very ...