Workers Say They Need $1.2 Million to Retire. Here's What That Really Means.

Workers with retirement plans say they need $1.2 million saved to retire comfortably, Schroders reported July 15, 2026. A common guideline says you can safely spend 4% of your savings each year — so $1.2 million gives you about $48,000 before taxes in year one. Meanwhile, 33% of these workers owe more on credit cards than they've saved for retirement.