Americans Now Aim for $1.2 Million to Retire, 401(k) Borrowing Surges 59%
Americans now say they’ll need $1.2 million to retire comfortably, down from $1.28 million last year, according to Schroders plc. At the same time, more people are borrowing from their workplace retirement plans: 27% reported taking loans, up from 17%. That’s a 59% jump. The numbers don’t suggest retirement is cheaper—just that household budgets are stretched.
