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Americans now feel they need a record $1.46 million of savings to retire comfortably, a 53% increase from 2020. However, almost half of U.S. households had no savings in retirement accounts, according to the 2022 Survey of Consumer Finances (SCF), the last year the data was released. This trend is not new, but it is worsening to an alarming degree. Americans are neither saving enough for retirement nor taking full advantage of their workplace benefits.

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