Most Americans clueless on how much to save for retirement
A new study from Bankrate.com finds that 19 million Americans say they plan never to retire.
A whopping 61% of Americans don’t know how much they’ll need to save to get them through retirement—but among the ones who do, the median estimate is $650,000.
And numerous studies have shown that that’s in an alternate universe from the amount most people have socked away.
A new study from Bankrate.com finds that 19 million Americans say they plan never to retire, and it’s not a single age group saying that; 9% of millennials (age 18–37) and 9% of boomers (age 54–72) all envision a future of working ad infinitem.
Millennials are the group most in a quandary over how much they’ll need, with 69% admitting to such ignorance. But they’re far from the only ones, and they’re not that much greater in numbers than older generations; 56% of GenXers (ages 38–53), 58 percent of boomers and 59% of those aged 73+ have the same problem.
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