How Much Should You Save for Retirement?

CKD ADMIN
September 7, 2025

Once you enter the workforce, at one point or another, you will consider retirement

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savings and what options were made available to you. The fact remains that to achieve a comfortable retirement, most Americans need to save as much as $1 million or more. However, less than 25% of working individuals expect to reach or surpass this dollar amount upon retiring. Less than 60% of surveyed citizens expected to have less than $500k in savings, with less than 40% stating they’d have less than $250k put away.A recent study concluded that, for a retiree to live comfortably, they needed an average of $775k in savings””those with $2 million or more set aside to retire on the wealthy side. Considering longer lifespans and heftier healthcare costs, we can quickly ascertain that a higher dollar amount is necessary for upcoming generations of retirees to live comfortably. However, as time passes, we continue to see data pointing toward fewer and fewer aging citizens accumulating sufficient funds for retirement altogether.
Unfortunately, with basic living expenses on the rise and inflation influencing every facet of our lives, simply planning to live off of Social Security benefits isn’t going to cut it. To fully retire and live off retirement income, citizens need to plan for multiple sources of income before reaching retirement age. Whether or not you plan to work into retirement, skip retirement altogether, or work part-time, there are a few ways to prep before you get there.
You can get started creating the retirement income you are comfortable with by living on a reliable budget well before retirement. Taking advantage of the retirement fund-matching offered by your employer is one of the best ways to kickstart your retirement savings fund. This may come from a 401(k), IRA, or even an annuity. In terms of federal employees, a Thrift Savings Plan (TSP) may be of greatest benefit.