(Source) – While many Americans know if they’re putting money aside for retirement, few can tell with confidence how much money they should accumulate to maintain their lifestyle after they stop working. Over 80% of Americans say they don’t know how much money they’ll need for retirement, according to the final report from a four-year-long study of 50,000 people aged 25 and older, and released recently by Merrill Lynch with aging consultants Age Wave. Retirement costs 2.5 times the cost of the average American home, it found.
The median amount of saving for households age 65 to 74 was $148,000, less than three times the median U.S. salary of $55,775, according to 2015 Government Accountability Office report, and far below the required amount that would ensure a comfortable lifestyle. People should have 10 times their current salary by the time they’re 67, according to Fidelity Investments. Click here for the full article.
Our take: How much should you save for retirement? This is one of the most frequently asked questions that we receive, and the answer is entirely dependent on your particular situation. It all depends on your goals, determining what your needs will be in retirement, and your investment risk tolerance. Getting organized and assisting individuals map out their road to retirement is a frequent task that we engage in with our client’s. Contact us at firstname.lastname@example.org to help plan your retirement.