By Tony Ogorek
According to a recent survey by Bankrate, 61% of Americans do not know how much money they need to save in order to retire. That number is absurd!
Experts recommend a million dollars safety net for retirement. As per Bankrate's survey, 8 percent believe they need $250,00 or less and 15 percent of respondents believed they will need anywhere between $250,000 and $1 million. These numbers are frightening as $1 million dollars nowadays doesn't stretch as far as it used to. So 23% of respondents underestimate what they need and 61% have no clue.
There is more reasons to worry than just these stats. More and more Americans are not saving as much as they need to. According to CNBC, you should have these dollar amounts saved by the following age milestones:
- By 30: Have the equivalent of your salary saved
- By 40: Have three times your salary saved
- By 50: Have six times your salary saved
- By 60: Have eight times your salary saved
- By 67: Have 10 times your salary saved
If you are stuck at a wall with your savings, check out the video below:
Although this video will just give you a rough estimate of where you are, it is always best to contact a professional. Getting professional advice is one of best ways to begin your retirement journey. Speak to an advisor so they can instruct you on the retirement planning process. Retirement is supposed to be a painless process and here, at Ogorek, we can do that for you.