42% of Americans Have Never Calculated Retirement Savings Needs, Evergreen.ai Report Finds

Forty-two percent of Americans have never calculated how much money they will need in retirement, and one-third of those expecting to retire within 15 years have avoided running the numbers, according to a new report from financial-planning platform Evergreen.ai. The gap between preparation and expectation is stark: the median retirement savings balance for U.S. workers is just $955, per the National Institute on Retirement Security, against $1.2 million Americans believe they need to retire comfortably, according to Schroders. The Allianz Center for the Future of Retirement reports 67% of Americans fear running out of money more than death. Advisers cited by the report warn that delaying planning narrows options, with Jon Ulin of Ulin & Co. Wealth Management comparing the omission to "driving blind" into a major financial decision. A 65-year-old retiring in 2026 can expect to spend an average of $185,500 on healthcare in retirement, Fidelity Investments estimates. The Congressional Budget Office projects Social Security benefits could be cut 26% by 2032 absent congressional action.