Happy Hump Day, y’all!

Tonight’s Powerball drawing has a potential jackpot of $1.25 billion. The cash value of the lump sum is about $572 million (and you’d owe taxes on top of that). But still — that sort of windfall would go a long way toward my low-stakes life goal of retiring early and driving an ice cream truck. 

Speaking of retirement, a report released this week finds that the number of workers who believe they’ll need at least seven figures socked away has jumped sharply from just a year ago. Below, we explore the gap between expectations and reality when saving for your golden years. — Annie Johnson

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Workers Think They'll Need $1 Million to Retire. Actual Retirees Get by With Less

A new report from Betterment at Work finds that 48% of surveyed workers say they think they’ll need to have at least $1 million saved in order to be comfortable in retirement. That's a jump of 11 percentage points from a year ago.

As Americans struggle with stubborn inflation, rising health care costs and uncertainty around Social Security, it may come as little surprise that financial anxiety hit an all-time high in this year’s survey. More than half of workers — and nearly 6 in 10 baby boomers — are thinking about putting off retirement because they haven’t saved enough. 

Yet we know that many people retire with far less in their bank accounts. More than half of Americans over the age of 65 retired with less than $50,000, according to a separate report.

Money reporter Martha C. White lays out what you need to know about the long-term viability of Social Security and other strategies workers are using to boost their retirement savings now — like investing in a 401(k). — AJ

Are you fully covered for the next semester?

As a new semester approaches, it’s a smart time to take stock of your college financing plan. If federal aid or savings won’t fully cover your upcoming costs, a private student loan may help close the remaining gap. These loans, offered by banks and other financial institutions rather than the government, can supplement your federal aid package and help ensure your enrollment stays on track.

Depending on your credit profile, some lenders could offer competitive interest rates, flexible repayment options and fast approvals decisions — making it easier to lock in the funds you need before tuition deadlines hit.

Money has put together a list of top private student loan providers so you can compare options early and avoid last-minute financial stress.

Terms and conditions apply.

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"At an early age I was exposed to the stock market, and it changed my life."

— hedge fund founder Ray Dalio, in a statement about his $75 million commitment to Trump Accounts for kids in Connecticut

This issue of Daily Money was written by senior audience development editor Annie Johnson and lead news reporter Pete Grieve. It was edited by managing editor Julia Glum. Questions? Comments? Concerns? Please email [email protected] with any feedback.