US lawmakers have called on the Trump administration to ban Chinese memory chips, citing national security concerns and the need to protect domestic semiconductor industries. The proposal reflects growing tensions between the US and China over technology and trade.

The lawmakers' request targets memory chips produced by Chinese manufacturers, which are widely used in electronic devices. They argue that reliance on these chips poses risks to US supply chains and national security. The administration has not yet responded to the proposal.

This move is part of broader efforts by the US to limit China's access to critical technologies and markets. The semiconductor industry has become a focal point in the ongoing trade dispute between the two nations.

The outcome of this proposal could have significant implications for global semiconductor supply chains and US-China trade relations.

A new Schroders retirement survey has laid bare a stark disconnect between what Americans believe they need to retire comfortably and what most expect to actually save. Released Wednesday, the survey of 1,500 workplace retirement plan participants — conducted between March and April — found respondents estimated they would need $1.2 million in retirement savings, yet the financial reality for most falls well short of that target.

The Retirement Savings Gap

Despite the $1.2 million benchmark, only 30% of survey respondents said they expect to reach the $1 million mark before retiring. The majority paint a far more modest picture of their retirement finances, as illustrated below:

The data underscores a widespread gap between retirement aspirations and projected outcomes among American workers.

Rising Costs and Debt Drive the Shortfall

The survey identified several key financial pressures preventing workers from meeting their retirement goals. Rising living costs, credit card debt, and competing financial priorities emerged as the most cited barriers.

• 69% of respondents said rising costs have put retirement out of reach for their generation
• 55% said they are unable to save at least 10% of their income because of competing expenses
• 33% said they have more credit card debt than retirement savings

The survey also found that some workers are actively reducing retirement plan contributions or borrowing from their 401(k) accounts — employer-sponsored retirement savings plans that allow workers to invest for retirement with tax advantages — to cover debt, emergency expenses, and higher living costs.

"Many investors are just struggling to turn their good intentions into long-term retirement readiness," said Deb Boyden, head of U.S. defined contribution at Schroders.

Investment Awareness and Asset Allocation Concerns

Beyond savings shortfalls, the survey revealed gaps in how participants manage and understand their retirement investments. A notable 24% of participants said they do not know how their retirement savings are invested. Among those who do, 26% of retirement assets are held in cash, nearly matching the 27% allocated to equities — a mix that experts say could limit long-term investment growth.

Experts Emphasize Habits Over Targets

Financial planner Douglas Boneparth, president and founder of Bone Fide Wealth and a member of CNBC's Financial Advisor Council, said investors who feel behind should focus less on reaching a specific savings number and more on building consistent financial habits. "It's hard to save for a future that feels abstract when the present feels urgent," Boneparth told CNBC. He noted that regularly saving, reducing high-interest debt, and investing early can help narrow the retirement gap over time.

The survey's findings add to broader signs of growing financial pressure on American households. Hardship withdrawals from 401(k) plans have continued to rise as more workers tap retirement savings to cover emergencies, while Federal Reserve survey data showed household financial anxiety reached its highest level since 2022. Research has also found more Americans are relying on credit cards and dipping into long-term savings to pay for groceries as higher living costs continue to squeeze household budgets.