The financial burden for American workers to save for retirement is intensifying as the required amount for a comfortable retirement continues to increase. As per Charles Schwab’s nationwide survey, the average savings objective in the US has risen to $1.8 million, compared to $1.7 million the previous year. The survey also revealed that nearly 80% of the 1,000 surveyed 401(k) planners cited inflation and market volatility as hindrances to saving more this year, leading to 36% of respondents planning to postpone their retirement.
