Americans think they need to save $1.8 million for retirement, new report says

JACKSONVILLE, Fla. – Americans still think they need to save $1.8 million for retirement, according to a new report by the financial services company, Charles Schwab.

Those surveyed said that a nearly $2-million nest egg is expected to last them 23 years after retiring at 65, with those numbers breaking down to just over $78,000 a year which is near the average median income, according to the U.S. Census Bureau.

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While some are crunching numbers, others said there are other concerns that are lingering before they make the decision, including:

• Keeping up with monthly expenses
• Preparing for unexpected expenses
• Paying off credit card debt
• Saving and paying for their children’s education

When starting a savings account, it’s important for people to stick to their goals and don’t touch that account. And if they’re unsure about anything, it’s important to ask questions and research.