Wednesday, June 27, 2018

Confusion over Retirement Savings

How much money will you need in retirement? A whopping 61 percent of Americans don’t know how much they’ll need to save to get them through retirement, according to a new survey from Bankrate.

Millennials are the group most in a quandary over how much they’ll need, with 69 percent admitting to such ignorance. But they’re far from the only ones: 56 percent of GenXers (ages 38 to 53), 58 percent of boomers and 59 percent of those aged 73-plus have the same problem.

Among the ones who put forth an estimate of what they'll need in retirement, the median estimate is $650,000. Those who have given estimating a shot are all over the financial map, with 7 percent saying $250,000 to $500,000, and 8 percent saying either $250,000 or less, $500,000 to $1 million or over $1 million, respectively.

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