Written by James Royal, Ph.D. – Edited by Lisa Dammeyer
More than one-third of American workers (those employed full-time, part-time or temporarily unemployed) expect to need $1 million or more to retire comfortably. However, only 50 percent of workers think it’s likely they can reach their retirement savings goal, according to the survey.
For some of those workers, it’s not for a lack of saving. About 60 percent are contributing the same or more to their retirement accounts as they were a year ago. Many are using popular tax-advantaged accounts such as 401(k) plans and IRAs, which offer tax benefits to help speed up their savings.
Working savers in the middle of their careers, or later, must prioritize their retirement contributions over discretionary spending, given that the window is narrowing to benefit from compounding through investing. Living like there’s no tomorrow can be akin to a self-fulfilling prophecy, financially speaking.
– Mark Hamrick, Bankrate Senior Economic Analyst
Here are the key results from Bankrate’s 2025 Retirement Savings Survey.
Most American workers feel behind on retirement savings
The majority of American workers (58 percent) say they’re behind on retirement savings. Of those, 37 percent say they’re significantly behind where they should be, while 21 percent say they’re slightly behind. The overall figures are similar to those in the last two surveys, when 57 percent (in 2024) and 56 percent (in the 2023 survey) said their retirement savings were lagging.
Disclaimer
The information contained in South Florida Reporter is for general information purposes only.
The South Florida Reporter assumes no responsibility for errors or omissions in the contents of the Service.
In no event shall the South Florida Reporter be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. The Company reserves the right to make additions, deletions, or modifications to the contents of the Service at any time without prior notice.
The Company does not warrant that the Service is free of viruses or other harmful components
This article originally appeared here and was republished with permission.
 of American workers say their retirement savings are behind where they should be, according to Bankrate’s 2025 Retirement Savings Survey.){kind=link}