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Survey: Americans need $1.2M to retire comfortably, but many fall short

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Americans think they will need $1.2 million to retire comfortably, according to a new survey from global investment manager Schroders.

However, 30% of those surveyed believe they'll reach $1 million saved before retiring.

Roughly 51% said they expect to have less than $500,000 saved before retirement.

Read more from CNBC.

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