For too many Americans, when it comes to retirement savings, the Magic-8 Ball appears to be stuck on "Outlook Not So Good." Between rising costs of living and lingering inflation, personal savings has taken a steep decline, according to a recent SecureSave survey. The majority of respondents (61%) say they had either stopped contributing to retirement savings or never started saving in the first place.

A new study from DollarGeek compounds the bad news: No state in the nation is currently on track with hitting recommended retirement savings. Using data from the Federal Reserve System's Survey of Consumer Finances, the personal finance adviser reveals that the average state is over two-fifths (44%) from their retirement savings benchmarks.

Recommended retirement sums vary state to state, based on annual cost of health care, groceries, housing, utilities, and transportation. Generally speaking, the mean national sum required to retire is $760,476, after Social Security income. The most recent figures from the FRS show the average American only has $427,918 in savings.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Richard Binder

Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.