Americans may have guessed the amount they need to save for retirement — but they’ll probably never get there

Americans guessed they need about $1.7 million to retire, and they may not be far off, experts said.

Their figure may be realistic, but not their approach to accumulating that much, said Catherine Golladay, chief operating officer of Schwab Retirement Plan Services. The survey of 1,000 Americans between 25 and 70 years old found 51% of respondents, who are participating in a 401(k) plan, are contributing 10% or less of their salary, for an average annual contribution of about $8,800. Less than half have increased their contribution percentage in the last two years.

Here were some more findings:

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