How much money do you need to retire? Most Americans calculate $1.8 million, survey says.

Americans, on average, believe they will need to save an average of $1.8 million for retirement, compared with an average estimate of $1.7 million last year, according to an online Schwab survey of 1,000 U.S. 401(k) plan participants between April 19 and May 2. Only 37% of workers think it’s very likely they’ll achieve this target, down by 10% from last year, Schwab said.

High inflation has been the biggest obstacle for savers, even though inflation eased in June to 3% from a 40-year peak of 9.1% a year ago. Sixty-two percent of workers see inflation as an obstacle to saving for a comfortable retirement, up from 45% last year, Schwab said.

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