More Than 1/3 Of Americans Won’t Hit Retirement Goals

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At a glance

  • As of July, 38% full-time workers with 401(k) plans believe they will not be able to reach their retirement goals, according to a Bank of America survey released Tuesday morning.
  • Just 56% of employees surveyed were confident that they would be able to reach their retirement goals, down from 69% who felt confident in February 2022, according to Bank of America.
  • This lack of confidence extended to other aspects of retirement, with only 38% of employees saying they understood what to expect from their Social Security benefits, 48% worried that if inflation continued at its current pace they would struggle to make ends meet and fewer than one in three believing they will be able to meet their spending needs in retirement.

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