---

Millions of Americans are saving for retirement without knowing whether they’re saving enough. A new survey suggests a surprisingly large number haven’t even tried to figure out how much money they’ll need once they stop working.

The Evergreen.ai Financial Decisions Study found that 42.4% of respondents have never calculated their retirement savings needs. Even among people who expect to retire within the next 15 years, 32.9% haven’t run the numbers.

The findings raise concerns that many Americans may be approaching one of life’s biggest financial decisions without a clear understanding of what it will cost.

The survey, conducted August 31, included 1,981 U.S. adults between ages 25 and 75 whose responses were retained for analysis. Participants were responsible for making financial decisions in their households. The sample disproportionately represented wealthier households, so the results should not be interpreted as a precise estimate of all Americans.

---

Why so many people avoid retirement planning

For some workers, retirement seems too far away to worry about. Others may be reluctant to calculate their savings needs because they’re afraid of discovering they are seriously behind.

Financial experts say uncertainty about where to begin can also discourage people from making a plan.

Evergreen.ai found that nearly 90% of respondents had postponed at least one important financial task during the previous year. Among those who delayed a task, 53.5% cited difficulty understanding their options or knowing where to start.

The survey also revealed a substantial difference between people who have professional financial guidance and those who don’t.

Among respondents without a financial advisor, 56.8% had never calculated their retirement savings needs, compared with 19.9% of those working with an advisor.

The consequences of waiting can be significant. Workers who discover a savings shortfall in their 30s or 40s generally have more time to increase contributions and benefit from investment growth than those who make the same discovery shortly before retirement.

---

How much money is enough?

There is no single retirement savings target that works for everyone.

Northwestern Mutual’s 2026 Planning & Progress Study found that Americans believe they’ll need an average of $1.46 million to retire comfortably.

But financial planners caution that such national averages can be misleading. Someone who owns a mortgage-free home and expects substantial Social Security benefits may need considerably less than someone who rents, carries debt, or plans an expensive retirement lifestyle.

Healthcare is another major consideration. Medical expenses often increase with age, and Medicare does not cover every healthcare expense, including most long-term custodial care.

Inflation also matters. A retirement that lasts 25 or 30 years could expose retirees to substantial increases in everyday living expenses.

The importance of planning is underscored by a separate 2026 Schroders survey, which found that 49% of retirees reported higher expenses than expected, while 58% didn’t know how long their savings would last.

---

Five steps to determine your retirement savings needs

Financial experts recommend starting with a basic calculation rather than waiting until you can develop a perfect retirement plan.

1. Estimate your annual retirement expenses. Include housing, food, transportation, insurance, taxes, healthcare, and discretionary spending. Adjust for expenses that may disappear, such as commuting costs.
2. Calculate your expected retirement income. Check your projected Social Security benefits at SSA.gov and add any pension or other dependable income.
3. Determine the income gap. Subtract expected annual retirement income from projected annual expenses. The difference is what your savings and investments will need to provide. 
4. Estimate how much savings you’ll need. One common starting point is the 4% withdrawal guideline, which suggests a portfolio of approximately 25 times the annual amount needed from investments. For example, a $30,000 annual income gap would suggest a savings target of $750,000. The guideline is not a guarantee and should be adjusted for retirement length, market conditions, and other risks.
5. Review your plan regularly. Recalculate when your income, expenses, investments, or retirement date change. Even small increases in retirement contributions can make a difference over time.

---

The biggest mistake may be doing nothing

The Evergreen.ai findings suggest that a major obstacle to retirement security isn’t necessarily a lack of savings alone. It’s also a lack of information about how much savings will be required.

For workers approaching retirement, calculating that number may reveal uncomfortable choices. Some may need to save more, work longer, reduce spending, or reconsider when to begin collecting Social Security.

But financial experts say identifying a shortfall early provides more opportunities to address it.

The bottom line: Americans don’t need to know exactly what retirement will cost decades in advance. But having a reasonable estimate — and updating it regularly — can make the difference between retiring with confidence and facing an unexpected financial squeeze.