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Americans say they need $1.8 million in savings to retire, according to a new Charles Schwab survey. But only 37% of workers think they're very likely to achieve their target, down 10% from last year. They listed inflation and stock market volatility as the biggest obstacles to saving for retirement. Americans say they need $1.8 million in savings to be able to retire, according to a new survey from Charles Schwab. He added that though many workers are trying to cut back on spending, "retirement saving continues to be a priority for workers."
Persons: Charles Schwab, Brian Bender Organizations: Schwab Workplace Financial Services
If you're dreaming of combining your cryptocurrency investments with your retirement savings, you're not alone. If an employer offers this option, employees can invest up to 20% of their 401(k)s in bitcoin. Adding cryptocurrency to your retirement portfolio may drag down its overall performance, McBride adds. This helps to reduce the volatility of your portfolio since you're not overly invested in one specific type of asset. "They recognize the value in speculative assets but also recognize the value of guaranteed income as they approach retirement," says Nathan Voris, director of investments, insights and consultant services at Schwab retirement plan services.
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