The ‘Dream Retirement’ Amount Just Went Up. Again.

According to Schwab’s study:

• 36% are putting off plans to retire
• 31% are buying cheaper products
• 23% are paying off debts more slowly 

Another highlight from the study: a workplace plan is becoming non-negotiable for job seekers. Almost nine out of 10 workers (88%) said a 401(k) is a must from a new employer. Three in four say they’d turn down a job offer that doesn’t give access to a retirement plan.

That demand may stem from uncertainty, as the magic sum that people think they’ll need to get through retirement comfortably is an ever-moving  target. On average, according to the Schwab study, workers now say $1.8 million would give them a decent retirement. And, unfortunately, the number of workers who think they’ll be able to sock away that much money slipped 10 percentage points from last year’s survey.

For more on the increased retirement goal, read Mary Ellen Cagnassola’s story.

— Jill Cornfield, deputy editor

Which gets top votes from workers, a retirement savings plan, or higher wages? The answer might surprise you. Apparently, workers really love their 401(k)s — so much so, that when it comes to benefits and salary talks, employees are willing to give up as much as 3.4% of their wages to have access to one, the National Bureau of Economic Research found.

• Are Roth conversions really all they’re cracked up to be? Two advisors give you the lowdown on a popular strategy. (podcast)
• A retired couple needed a local wine storage company. When they couldn’t find one, they started their own.
• Your future self is a stranger, and who wants to give money to a stranger? This TikTok filter can help you get acquainted with Future You — which could boost your retirement savings.

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