A survey by Charles Schwab found 57% of 401(k) participants see inflation as a major obstacle to retirement. Only 34% believe they’ll reach savings goals, down from 43% in 2024. The average retirement age expected is 66, with $1.6 million needed to last about 22 years in retirement.

Entrepreneur Richard Robbins, retiring with $2 million, shares financial regrets from his 40s, emphasizing the need for earlier financial planning. Robbins advises considering future big expenses and the impact of inflation when preparing for retirement.

Robbins wishes he had invested earlier to benefit from compound interest and regrets not seizing business opportunities sooner. He advises against underestimating expenses in retirement and encourages working with a financial planner to ensure adequate investments.

Retirement expert Jeff Herman warns that the 4% rule may not suffice for retirement planning. Savers in their 40s should focus on generating a consistent income stream in retirement and consider alternative investment strategies to secure a comfortable retirement.

Saving a few million for retirement may not be enough, especially with inflation concerns and family expenses. Planning in your 40s is crucial to avoid playing catch-up in later years and ensuring a financially secure retirement.

Read more at Yahoo Finance: 5 Retirement Lessons I Wish I Knew in My 40s, From a Multimillionaire