CNBC
On average, Americans believe they need $1.7 million to retire, according to a recent survey from Charles Schwab. However, “the bulk of folks do not get there,” Nathan Voris, a managing director at Schwab Retirement Plan Services, said. More than half of those polled are contributing 10% or less of their salary to their 401(k) — their largest source of retirement savings — with an average annual contribution of $8,788.