A Schroders survey indicates that over half of U.S. retirement plan participants expect to have less than $500,000 saved by retirement, with 24% anticipating less than $250,000. This is significantly below the approximately $1.2 million they believe is needed for a comfortable retirement. Analysis suggests that for individuals with insufficient savings, the timing of claiming Social Security benefits is particularly crucial. For instance, claiming Social Security at age 70 instead of 62 could result in an additional $1,080 per month, increasing lifetime income by nearly $13,000 annually.