Rising inflation and market volatility are dampening Americans' confidence in their ability to save for retirement. According to a survey by Schroders, working Americans aged 45 and older expect to need $1.1 million saved to retire comfortably; however, more than half believe they will be able to save less than $500,000 and 36% expect to save less than $250,000.

Confidence in their savings has also tumbled among Americans nearing retirement, with only 22% of those aged 60-67 saying they have enough saved, compared with 26% a year ago. Nearly two-thirds of this age group expect to have less than $500,000 saved when they retire, including 54% who expect to have less than $250,000 saved. 

Compounding this financial concern is a trend of increasing expenses, which nearly half of retirees indicate are higher than they expected. A substantial 69% of working Americans indicated they plan to continue working in their retirement years, with more than half of those saying they will need to do so to pay for basic living expenses.